Small Business Bankinghttp://newsroom.bankofamerica.com/feeds/press_release/46024/rss.xml
enBank of America Survey Finds Family, Friends and Community Key to the Majority of Chicago Small Business Successhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-family-friends-and-community-key-m-2
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Chicago </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p align="center" style="text-align:left">Chicago Business Loan Applicants Most Likely to Have Hiring Plans – Significantly Higher Than National Average</p>
<p><span style="font-family:Times New Roman; font-size:medium"> </span></p>
</div>
</div>
</div>
<p>More than 80 percent of Chicago small business owners report they receive emotional, operational and/or financial assistance from their families, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>. Forty-four percent say that at some point, they have received financial gifts or loans from family and friends to fund their local business.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Chicago and around the country, also found that 70 percent of Chicago entrepreneurs say residents in their local communities are active shoppers at local businesses, and 55 percent report the local community plays an important role in the success of their enterprise. Seventy-one percent of Chicago small business owners repay that strong community support, saying they contribute to local charitable and non-profit organizations.</p><p>“It’s uplifting to see that Chicago entrepreneurs receive strong emotional and financial support from their families and friends, and that the local community plays a key role in their success,” said Jim Holmes, Chicago small business banking manager for Bank of America. “It’s also encouraging that Chicago entrepreneurs are more optimistic than they were earlier in the year – in regard to growth, revenue, hiring projections and economic outlook – and more confident across the board than their peers nationwide in these key areas.”</p><p><b>Growth, revenue, hiring and economic outlook</b></p><p>Sixty-six percent of Chicago small business owners plan to grow their businesses over the next five years – a 7 percentage-point uptick from the spring and 11 percentage points higher than the national average. Sixty-three percent of Chicago small business owners expect their revenue to increase in the year ahead, holding relatively steady from 62 percent in spring and 11 percentage points higher than the national average.</p><p>Also, while 33 percent of Chicago entrepreneurs plan to hire more employees over the next 12 months, this is still a 4 percentage-point increase from spring and 8 percentage points higher than the national average. However, the subset of Chicago small business owners intending to apply for a business loan in 2017 (13 percent) is significantly more likely to have hiring plans; 51 percent of those Chicagoans say they would use the funding to hire more employees – the highest percentage of 10 major cities surveyed, and 38 percentage points higher than the national average.</p><p>Chicago entrepreneurs’ confidence in the local and national economies is also on the upswing – if only slightly. Thinking ahead to 2017, 44 percent expect their local economy to improve, which is up 3 percentage points from the spring. Chicago small business owners are also showing more confidence in the national economy, with 38 percent expecting it to improve over the next year, up from 33 percent in the spring.</p><p><b>Economic factors impacting Chicago entrepreneurs </b></p><p>While Chicago entrepreneurs are feeling more optimistic about key areas of their business, they are concerned that certain economic factors could have an impact. The cost of health care is the most prominent concern among Chicago entrepreneurs, with 73 percent worried it will impact their business in the year ahead. Additionally, a majority of Chicago small business owners are concerned about:</p><ul><li><p>Consumer spending (56 percent).</p></li><li><p>Strength of the U.S. dollar (55 percent).</p></li><li><p>Corporate tax rates (51 percent).</p></li></ul><p><br /><b>Chicago entrepreneurs are feeling the holiday spirit </b></p><p>When it comes to offering holiday perks to their employees, Chicago entrepreneurs are among the most generous compared to business owners in all 10 major cities surveyed. Eighty-five percent say they plan to offer at least one holiday-related perk (13 percentage points higher than the national average). The top two perks planned for the holidays in Chicago align closely to the national average:</p><ul><li><p>Closing the office during the holidays (38 percent vs. 37 percent nationwide).</p></li><li><p>Giving salary bonuses (33 percent vs. 31 percent nationwide).</p><p> </p></li></ul><p>But compared to their national counterparts, Chicago entrepreneurs are more likely to:</p><ul><li><p>Offer flexible hours or vacation time (30 percent vs. 20 percent nationwide).</p></li><li><p>Hold a holiday party for their employees (32 percent vs. 26 percent nationwide).</p></li><li><p>Give gifts out to their employees (35 percent vs. 27 percent nationwide). </p></li></ul><p><br /><b>Chicago small business owners reluctant to embrace EMV technology </b></p><p>Only 16 percent of Chicago small business owners have implemented Europay, MasterCard, Visa (EMV) technology into their business. Among the 36 percent of Chicago entrepreneurs who have not installed EMV, the top reason cited is because they don't see the importance or value of implementing it. However, for those who have adopted EMV, 60 percent say they feel more secure compared to only 37 percent nationwide who say the same.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local Chicago snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.</p><p></p><p>About the Bank of America Small Business Owner Report<br /> GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p><br /> Bank of America<b><br /> </b>Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p><br />Reporters May Contact:<br />Diane Wagner, Bank of America, 312.992.2370<br /><a href="mailto:diane.wagner@bankofamerica.com">diane.wagner@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:07:35 +00007271 at http://newsroom.bankofamerica.comBank of America Survey Finds Majority of Dallas/Fort Worth Small Business Owners Lean on Family and Friends for Emotional and Financial Supporthttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-majority-dallasfort-worth-small-busi
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Dallas </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Local Economy Optimism Among the Highest of 10 Major Cities Surveyed</p>
</div>
</div>
</div>
<p>Eighty-eight percent of Dallas/Fort Worth small business owners say they receive emotional, operational and/or financial support from their families, according to the fall 2016 Bank of America Small Business Owner Report. Fifty-seven percent of local entrepreneurs also report that family and/or friends have at some point loaned or gifted them money for their business. However, 37 percent of Dallas/Fort Worth small business owners regret asking family and friends to invest in their business – 20 percentage points higher than the rest of the country and the highest among the 10 major cities surveyed.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Dallas/Fort Worth and around the country, also found that 59 percent of Dallas/Fort Worth entrepreneurs feel their local community plays an important role in the success of their small business – and 74 percent report that residents in their community actively shop at local small businesses. Three-quarters of Dallas/Fort Worth small business owners say they give back by supporting local charitable and nonprofit organizations.</p><p>This strong culture of community support may be why Dallas/Fort Worth small business owners are among the most optimistic nationwide about their local economy. Sixty-two percent expressed optimism that their local economy will improve over the next 12 months – significantly higher than the national average of 37 percent and up 6 percentage points since the spring. Meanwhile, Dallas/Fort Worth small business owners’ confidence in the national economy has remained steady at 40 percent since last spring (38 percent), but is still 9 percentage points higher than the national average (31 percent).</p><p>“It’s uplifting to see Dallas/Fort Worth entrepreneurs receiving such strong emotional and financial support from their families and friends, and that the local community has played a critical role in their individual successes,” said Jeffrey Coomer, Dallas/Fort Worth small business banking manager at Bank of America. “This high level of community support may be reflected in our north Texas small business owners’ confidence in the local economy for the year ahead.”</p><p><b>Outlook on revenue, growth, hiring and economic concerns </b></p><p>Revenue expectations, as well as Dallas/Fort Worth small business owners’ plans to grow and hire, held steady from spring to fall, although they are significantly higher than the rest of the country. Sixty-four percent predict revenue growth in 2017 (vs. 52 percent nationally); 61 percent plan to grow their business over the next five years (vs. 55 percent nationally); and 40 percent plan to hire in the year ahead (vs. 25 percent nationally).</p><p>When it comes to the top economic concerns of Dallas/Fort Worth entrepreneurs, 73 percent say they are concerned about health care costs impacting their business in the year ahead. Additionally, Dallas/Fort Worth small business owners are more concerned about the following economic factors than the rest of the country: </p><ul><li><p>Commodities prices (57 percent vs. 47 percent nationwide).</p></li><li><p>Consumer spending (57 percent vs. 51 percent nationwide).</p></li><li>Credit availability (46 percent vs. 35 percent nationwide).</li></ul><p><b> </b></p><p><b>Top funding sources for Dallas/Fort Worth small business owners </b></p><p>When asked about which financial resources were used to start their businesses, 74 percent of Dallas/Fort Worth small business owners say they dipped into their personal savings. Additional top funding sources local entrepreneurs used when first starting out include personal credit cards (38 percent), family/friends (31 percent) and banks (27 percent).</p><p>While 37 percent of Dallas/Fort Worth small business owners regret asking family and friends to invest in their business, the top emotions they felt when given a loan from their family and/or friends were grateful and appreciative (62 percent), followed by more motivated to succeed (55 percent). However, 39 percent of Dallas/Fort Worth entrepreneurs feel anxiousness or pressure to pay the loan back – 9 percentage points higher than the national average and the highest among the 10 major cities surveyed.</p><p>While they’re not shy about asking family or friends for financial support to start their business, only 15 percent of Dallas/Fort Worth small business owners continue to rely on their personal networks for funding once their business has been established. Banks (44 percent) and personal credit cards (34 percent) are the top two financing sources that Dallas/Fort Worth entrepreneurs use once their businesses are off the ground.</p><p><b>Skeptical about commercial holidays, but still expect to hit year-end goals </b></p><p>As the holiday season approaches, 67 percent of Dallas/Fort Worth entrepreneurs say Black Friday is not important to their business, and 68 percent say the same about Cyber Monday. While they’re are not relying heavily on popular commercial holiday shopping to boost their bottom line, most Dallas/Fort Worth small business owners are confident they’ll hit their year-end revenue goals (77 percent), and one-third (34 percent) expect the holidays to generate more revenue for them this season than in 2015.</p><p>Seventy-seven percent of Dallas/Fort Worth small business owners plan to offer their employees holiday perks. The top three perks they plan to offer include:</p><ul><li><p>Closing the office during the holidays (38 percent).</p></li><li><p>Giving gifts to employees (31 percent).</p></li><li>Offering flexible hours or vacation time (29 percent).</li></ul><p> </p><p>Fifty-six percent of Dallas/Fort Worth entrepreneurs say offering holiday perks to their employees will not impact them, but 20 percent say offering perks means that they’ll need to work longer hours, and 14 percent say they’ll need to sacrifice at least a portion of their own wage during the holiday season. </p><p><b>More likely to implement EMV technology than businesses nationwide </b></p><p>Twenty-one percent of Dallas/Fort Worth small business owners have implemented Europay, MasterCard, Visa (EMV) chip technology, compared to 18 percent nationwide. Among the 32 percent who have not installed the technology, the top reason cited is because they don't see the importance or value of implementing it. However, for those select few in Dallas/Fort Worth who have the technology in place, 65 percent say they feel more secure, compared to only 37 percent nationwide who say the same.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local Dallas/Fort Worth snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <span style="color:rgb(5, 99, 193)">Bank of America news</span>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p></p><p>Reporters May Contact:<br />Britney Sheehan, Bank of America, 425.467.9744<br /><a href="mailto:britney.w.sheehan@bankofamerica.com">britney.w.sheehan@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:07:10 +00007272 at http://newsroom.bankofamerica.comAtlanta Small Business Owners’ Plans to Hire and Expand Among Highest in the Nation, According to Bank of America Surveyhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/atlanta-small-business-owners-plans-hire-and-expand-among-high
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Atlanta </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Local Entrepreneurs Turn to Family, Friends and Community as They Grow Their Businesses</p>
</div>
</div>
</div>
<p>Atlanta small business owners’ expectations for future growth are higher than those of their peers nationwide, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(0, 0, 255)">fall 2016 Bank of America Small Business Owner Report</span></a>. Seventy-one percent of local small business owners expect their revenue to increase over the next 12 months, compared to the national average of 52 percent and highest among the 10 major cities surveyed. Atlanta entrepreneurs are also 24 percentage points more likely to grow their business over the next five years than small business owners nationwide.</p><p>To support their growth plans, 46 percent of Atlanta small business owners plan to hire more employees over the next 12 months, an increase of 14 percentage points in just six months and 21 percentage points higher than the national average.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Atlanta and around the country, also found that Atlanta entrepreneurs are much more positive about the direction of the economy than their peers across the country: </p><ul><li><p>Sixty-one percent expect their local economy to improve (vs. 37 percent nationwide).</p></li><li>Forty-six percent expect the national economy to improve (vs. 31 percent nationwide).</li></ul><p></p><p>“Perhaps encouraged by a more positive outlook on the economy, Atlanta entrepreneurs’ confidence is robust across all aspects of their business as many look to expand, hire new employees and expect higher revenue in the year ahead,” said Dean Bird, Atlanta small business banker manager at Bank of America. “Overall, Atlanta-area small business owners remain focused on growing their businesses and are optimistic for what the future holds.”</p><p><b>Top economic factors concerning Atlanta business owners </b></p><p>Despite optimism in the economy and business growth, Atlanta small business owners are concerned about the impact of many economic factors. The cost of health care is the most prominent concern, with 74 percent of local entrepreneurs worried it will impact their business during the next year. Other top concerns include:</p><ul><li><p>Strength of the U.S. dollar (66 percent vs. 52 percent nationwide).</p></li><li>Consumer spending (61 percent vs. 51 percent nationwide).</li></ul><p><br /><b>Atlanta entrepreneurs rely on a mix of funding sources</b></p><p>When starting their businesses, the majority (72 percent) of Atlanta business owners used their personal savings, while 34 percent used personal credit cards. Compared to their national counterparts, local entrepreneurs were more likely to seek funding from banks (32 percent vs. 25 percent nationwide) and from friends and/or family (31 percent vs. 21 percent) when first starting their businesses. Even when their businesses are up and running, Atlanta-based business owners are more likely to rely on friends or family (17 percent vs. 7 percent nationwide) for financial support. The top two funding sources for established businesses are personal credit cards (43 percent) and banks (38 percent).</p><p>Two-thirds of Atlanta entrepreneurs have borrowed from a family member or friend, and of these, 85 percent don’t regret asking them to invest in their business. Instead, they feel grateful and appreciative (67 percent) and more motivated to succeed (51 percent), however, 19 percent of Atlanta business owners do say they feel anxious or pressure to pay it back.</p><p><b>Family, friends and community support Atlanta entrepreneurs </b></p><p>Forty-five percent of Atlanta small business owners say their family and friends help the most when it comes to running their business, compared to 35 percent nationally. Family provides support to small business owners in a number of ways, including emotional support (62 percent) and helping with the operation of their business (34 percent).</p><p>When it comes to the support of their local community, 69 percent of Atlanta entrepreneurs say it plays an important role in the success of their business – 22 percentage points higher than the national average and higher than any other city surveyed. Local small business owners say they rely on the Atlanta community for: </p><ul><li><p>Patronizing their business (39 percent).</p></li><li><p>Giving online reviews and referrals (32 percent).</p></li><li>Promotion and marketing of their small business (24 percent).</li></ul><p></p><p>To show their gratitude, 74 percent of Atlanta-based entrepreneurs support charitable or nonprofit organizations in their local community.</p><p><b>‘Tis the season –</b> <b>year-end targets, seasonal sales and holiday perks</b></p><p>As 2016 comes to an end, 77 percent of Atlanta small business owners expect to hit their year-end revenue targets, 9 percentage points higher than the national average. Their year-end optimism is also reflected in holiday revenue expectations – 51 percent of local business owners expect to generate more revenue this holiday season, twice that of the national average (24 percent).</p><p>Seventy-eight percent local entrepreneurs plan to offer their employees holiday perks, including:</p><ul><li><p>Closing the office during the holidays (44 percent).</p></li><li><p>Giving employee gifts (35 percent).</p></li></ul><ul><li>Awarding a salary bonus (27 percent).</li></ul><p></p><p>Some local business owners say providing these employee perks comes at a personal sacrifice, with 25 percent expecting to work longer hours and 15 percent expecting to use a personal credit card to afford it.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(0, 0, 255)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(0, 0, 255)">here</span></a>. A local Atlanta snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(0, 0, 255)">here</span></a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report <br /> GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(0, 0, 255)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(0, 0, 255)">www.bankofamerica.com</span></a></p><p align="center">###</p><p>Reporters May Contact:<br />Matthew Daily, Bank of America, 404.607.2844<br /><a href="mailto:matthew.daily@bankofamerica.com">matthew.daily@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007266 at http://newsroom.bankofamerica.comBoston Small Business Owners’ Hiring Plans on the Rise, According to Bank of America Surveyhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/boston-small-business-owners-hiring-plans-rise-according-bank-
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Boston </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p align="center" style="text-align:left">Eighty Percent Expect to Hit Year-End Revenue Goal – Highest of 10 Major Cities Surveyed</p>
</div>
</div>
</div>
<p>Boston small business owners’ plans to hire jumped by 50 percent in a six-month period, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>. Thirty-six percent of Boston small business owners plan to hire more employees in the year ahead, compared with only 23 percent who said they planned to hire in the spring of 2016. The fall 2016 figure is also 11 percentage points higher than the national average.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Boston and around the country, also found that 80 percent expect to hit their year-end revenue goal ‒ 12 percentage points higher than the rest of the country, and the highest among the 10 major cities surveyed. Looking to 2017, 54 percent expect their revenue to increase in the year ahead.</p><p>Boston entrepreneurs’ confidence in the economy is also on the rise, as 40 percent believe the national economy will improve in the next year – an increase from 33 percent who thought so in the spring. Optimism in the local economy has remained steady, with 47 percent expecting it to improve over the next 12 months, in line with the spring.</p><p>“The fact that most are expecting to end the year either meeting or beating their revenue goals shows some real momentum for Boston small businesses heading into 2017,” said Seth Felix, Boston small business banking manager at Bank of America. “That, in addition to the 50 percent increase of those saying they’ll hire in the year ahead, is certainly encouraging to see from a growth perspective.”</p><p><b>Economic factors and issues concerning Boston entrepreneurs </b></p><p>While Boston entrepreneurs are more optimistic about key areas of their business, they remain concerned about certain economic factors, with the rising cost of health care topping the list as a worry for 75 percent of respondents. Notably, Boston small business owners are significantly more concerned about the following than the rest of the country:</p><ul><li><p>Commodities prices (62 percent vs. 47 percent nationwide).</p></li><li><p>Consumer spending (61 percent vs. 51 percent nationwide).</p></li><li>Interest rates (57 percent vs. 46 percent nationwide).</li></ul><p> </p><p>Other topics that are causing greater concern for Boston small business owners include:</p><ul><li><p>Social crises and violence in the U.S. and abroad (36 percent), an 11 percentage-point jump since spring 2016.</p></li><li>Financial crises in countries abroad (33 percent), an 8 percentage-point jump in six months.</li></ul><p><b> </b></p><p><b>Getting by with a little help from their friends, families and community</b></p><p>Eighty-nine percent of Boston small business owners say they receive emotional, operational and/or financial support from their family. Fifty-one percent of local entrepreneurs also report that family and/or friends have at some point given them a financial loan or gift for their business, and 52 percent rely on family and friends to a role in their business, whether as advisors, employees, investors or partners. When asked who helps them most with running their business, 34 percent responded “friends and family,” exceeded only by “employees” (49 percent).</p><p>Additionally, sixty-one percent of Boston entrepreneurs say their local community is important to the success of their small business – 14 percentage points higher than the nationwide response. Boston small business owners say they’re most supported by the local community through:</p><ul><li><p>Patronage of their business (50 percent).</p></li><li><p>Promotion and marketing of their business (29 percent).</p></li><li>Online reviews and referrals (28 percent).</li></ul><p></p><p><b>Life cycle of small business financing</b></p><p>When starting their business, 73 percent of Boston entrepreneurs say they used personal savings, followed by personal credit cards (38 percent) and banks (33 percent). Boston small business owners were among the most likely to have received financial support from family and friends, with 34 percent turning to loved ones for financial resources to get their business off the ground (vs. 21 percent nationwide).</p><p>Eighty-eight percent of Boston entrepreneurs who have received money from family or friends for their business say they don’t regret asking them for financial support. Instead, they are primarily grateful and appreciative (79 percent) and are among the least likely (21 percent) to feel anxious about paying them back, compared with 30 percent nationwide.</p><p>Once established, only 10 percent of Bostonian small business owners continue to rely on their personal networks for financing. Banks (52 percent) and personal credit cards (46 percent) are the top two funding sources that Boston entrepreneurs use once their business is off the ground.</p><p><b>Local entrepreneurs feeling the holiday spirit</b></p><p>The majority (81 percent) plan to spread the cheer by offering employees at least one holiday perk this season. The top three perks they plan to offer include:</p><ul><li><p>Closing the office during the holidays (40 percent).</p></li><li><p>Giving gifts to employees (39 percent).</p></li><li>Holding an office holiday party (38 percent).</li></ul><p> </p><p>Fifty-two percent of Boston entrepreneurs say that offering holiday perks to their employees will not impact them personally, while 24 percent say offering perks means that they’ll need to work longer hours, and 21 percent of Boston small business owners say they’ll need to sacrifice at least a portion of their own wage.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local Boston snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.<b><br /><br /></b></p><p>About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p></p><p><br />Reporters May Contact: <br />Trevor Koenig, Bank of America, 302.432.1150<br /><a href="mailto:trevor.koenig@bankofamerica.com">trevor.koenig@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007267 at http://newsroom.bankofamerica.comFamily and Friends Help Houston Small Business Owners Succeed, According to Bank of America Surveyhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/family-and-friends-help-houston-small-business-owners-succeed-
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Houston </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p align="center" style="text-align:left">Local Entrepreneurs Optimistic About the Future as They Plan to Hire and Grow </p>
</div>
</div>
</div>
<p>Houston small business owners rely on their friends and family for support more than their peers nationwide, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(0, 0, 255)">fall 2016 Bank of America Small Business Owner Report</span></a>. Forty-eight percent of local small business owners say their friends and family help them the most when it comes to running their business, compared to the national average of 35 percent and highest among the 10 major cities surveyed. Houston-area entrepreneurs are also more likely to say their family is influential over their business decisions (52 percent vs. 39 percent nationwide).</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Houston and around the country, also found that at least one family member is involved in 72 percent of Houston small businesses, taking on the following roles:</p><ul><li><p>Partner or co-owner (36 percent vs. 29 percent nationwide).</p></li><li><p>Employee (32 percent vs. 26 percent nationwide).</p></li><li>Strategic advisor (20 percent vs. 9 percent nationwide).</li></ul><p> </p><p>“The support family and friends provide to local small business owners is admirable and key to their success,” said Elizabeth Romero, small business central division executive at Bank of America. “With the support of their loved ones, Houston entrepreneurs are planning to grow their businesses and are optimistic about the year ahead.”</p><p>Houstonians are appreciative of their family’s support with half reporting that the most important thing to them as a small business owner is providing for their family – the highest among all 10 cities surveyed.</p><p><b>Houston entrepreneurs planning for growth, confident in their local economy </b></p><p>Houston-area business owners are looking to the future. Over the next 12 months, 57 percent of local entrepreneurs expect their revenue to increase (vs. 52 percent nationwide). Their optimism extends to growth, as 61 percent plan to grow their business over the next five years – 6 percentage points higher than the national average – and 37 percent plan to hire.</p><p>To support their growth, 27 percent of Houston small business owners plan to apply for a loan in 2017, compared to only 10 percent of their national peers and more than any other city surveyed.</p><p>Houstonians’ positive outlook extends to their confidence in the economy. Two-thirds of local business owners expect their local economy to improve over the next 12 months, more than any other market surveyed and 29 percentage points higher than the national average. Conversely, they are the least confident in the national economy, with only 30 percent of Houston entrepreneurs expecting it to improve (vs. 31 percent nationwide and lower than any other city surveyed),</p><p><b>More likely to rely on banks, family and friends for funding</b></p><p>Compared to their national peers, Houston business owners are most likely to have launched their business with the help of a bank loan (35 percent vs. 25 percent nationwide). Additionally, they are more likely to have received startup funding from family and/or friends (29 percent vs. 21 percent nationwide), and less likely to have used personal savings (67 percent vs. 76 percent nationwide) to launch their business. If they could go back, 65 percent of Houston entrepreneurs would fund their business differently, 40 percentage points higher than the national average.</p><p>Now that their business is off the ground, Houston business owners have continued to use a mix of resources to fund their business, including:</p><ul><li><p>Banks (55 percent vs. 43 percent nationwide).</p></li><li><p>Personal credit cards (31 percent vs. 42 percent nationwide).</p></li><li>Family and/or friends (20 percent vs. 7 percent nationwide).</li></ul><p> </p><p>Of those who have borrowed from a family member or friend, 67 percent don’t regret asking. Instead, they feel more motivated to succeed (47 percent), but nearly one-third (32 percent) do feel pressure to pay it back.</p><p><b>Top economic concerns for Houston business owners: health care costs, interest rates and taxes</b></p><p>The top economic concern for Houston entrepreneurs is the cost of health care, with 81 percent worried it will impact their business over the next year – more than any other city surveyed. Other notable areas where Houston entrepreneurs are more concerned than their national peers are:</p><ul><li><p>Interest rates (70 percent vs. 46 percent nationwide).</p></li><li><p>Corporate tax rates (59 percent vs. 49 percent nationwide).</p></li><li>Credit availability (44 percent vs. 35 percent nationwide).</li></ul><p> </p><p><b>Houstonians most likely to reward employees during holidays; skeptical about Black Friday and Cyber Monday</b></p><p>With the holiday season approaching, most Houston small business owners (86 percent) say they plan to offer their employees holiday perks – more than any other city surveyed. The top three perks they plan to provide include:</p><ul><li><p>Giving gifts to employees (51 percent vs. 27 percent nationwide).</p></li><li><p>Closing the office during the holidays (42 percent vs. 37 percent nationwide).</p></li><li>Flexible hours or vacation time (36 percent vs. 20 percent nationwide).</li></ul><p> </p><p>Thirty-nine percent of Houston entrepreneurs say that offering holiday perks to their employees will not impact them, while 27 percent say they’ll need to work longer hours and 19 percent will need to sacrifice at least a portion of their own wage in order to pay for employee seasonal perks.</p><p>Only one-quarter of Houston entrepreneurs expect to receive a boost in sales from holiday spending, as 70 percent believe Black Friday is not important and 72 percent say the same about Cyber Monday. While they’re not relying heavily on popular commercial holiday shopping days to boost their bottom line, 68 percent expect to hit their year-end revenue goal.</p><p><b>EMV technology making Houston small business owners more secure</b></p><p>Only 16 percent of Houston small business owners have implemented Europay, MasterCard and Visa (EMV) technology into their business. Of these, 95 percent say they feel more secure compared to only 37 percent nationwide – more than any other market surveyed. For the 29 percent of Houston entrepreneurs who have not installed EMV, the top reason cited is they don't see the importance or value of implementing it.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(0, 0, 255)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(0, 0, 255)">here</span></a>. A local Houston snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(0, 0, 255)">here</span></a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report <br /> GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(0, 0, 255)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(0, 0, 255)">www.bankofamerica.com</span></a></p><p align="center">###</p><p>Reporters May Contact:<br />Britney Sheehan, Bank of America, 425.467.9744<br /><a href="mailto:britney.w.sheehan@bankofamerica.com">britney.w.sheehan@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007273 at http://newsroom.bankofamerica.comLos Angeles Small Business Owners’ Confidence in Local and National Economies on the Rise, According to Bank of America Surveyhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/los-angeles-small-business-owners-confidence-local-and-nationa
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Los Angeles </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Los Angeles Small Business Owners Planning to Hire and Grow Revenues More Than National Counterparts </p>
</div>
</div>
</div>
<p>Los Angeles small business owners are feeling more confident about the local and national economies than they were just six months ago and are more optimistic than their counterparts across the country, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Los Angeles and around the country, found that 47 percent of Los Angeles entrepreneurs believe their local economy will improve over the next 12 months – a strong 7 percentage-point uptick from the spring and 10 percentage points higher than the national average (37 percent). Confidence in the national economy is also up – jumping from 29 percent in the spring to 39 percent this fall, which is 8 percentage points higher than the national average.</p><p>“Los Angeles small business owners are feeling more confident about the economy and showing signs of growth in their businesses, shaking off some of the uncertainty from earlier this year,” said Troy Bosch, Los Angeles small business banking manager at Bank of America. “In addition to their economic optimism, it’s encouraging to see that hiring plans are on the rise and revenue expectations are holding steady.”</p><p>Los Angeles entrepreneurs’ intent to hire is on the rise, while plans to grow and revenue expectations are holding steady and strong. Thirty-nine percent plan to hire more employees over the next 12 months, versus 33 percent in the spring and 25 percent nationwide. Sixty-seven percent plan to grow their business over the next five years, a small gain from 64 percent in the spring and significantly higher than 55 percent nationwide. Likewise, revenue expectations for Los Angeles small business owners are holding steady from the spring at 61 percent, which is 9 percentage points higher than the national average.</p><p><b>Economic factors and issues concerning Los Angeles small business owners </b></p><p>While Los Angeles entrepreneurs are more optimistic about the overall economy and key areas of their business, they are concerned that certain economic factors could have an impact. The most prominent economic concern among Los Angeles entrepreneurs is the cost of health care, with 72 percent worried it will impact their business over the next year. Sixty-five percent are also concerned about consumer spending compared to 51 percent nationwide and higher than all of the 10 major cities surveyed. Notably, Los Angeles small business owners are significantly more concerned about the following than the rest of the country:</p><ul><li><p>Interest rates (58 percent vs. 46 percent nationwide).</p></li><li><p>Strength of the U.S. dollar (62 percent vs. 52 percent nationwide).</p></li><li>Credit availability (44 percent vs. 35 percent nationwide).</li></ul><p> </p><p><b>Getting by with a little help from friends, families and local community</b></p><p>A strong majority (84 percent) of Los Angeles small business owners say they receive emotional, operational and/or financial support from their family. Fifty-four percent of local entrepreneurs also report that family and/or friends have at some point loaned or gifted them money for their business, and 48 percent rely on family and friends to serve at least one important role in their business, whether as advisors, employees, investors or partners. When asked who helps them most with running their business, 31 percent responded “friends and family,” exceeded only by “employees” (46 percent).</p><p>Additionally, 53 percent of Los Angeles entrepreneurs say their local community is important to the success of their small business – 6 percentage points higher than the national average. Los Angeles small business owners say their local community supports them most through:</p><ul><li><p>Patronage of their business (37 percent).</p></li><li><p>Promotion and marketing of their business (25 percent).</p></li><li>Online reviews and referrals (23 percent).</li></ul><p> </p><p>Of the 10 major cities surveyed, Los Angeles small business owners were the least likely to say they support charitable or nonprofit organizations in their community (60 percent) compared to the national average of 67 percent.</p><p><b>Funding sources for Los Angeles small businesses </b></p><p>To get their business off the ground, two-thirds of Los Angeles entrepreneurs say they dipped into their personal savings, while one-third used personal credit cards and 27 percent took out a bank loan. Nearly three in 10 Los Angeles small business owners turned to family and friends for a startup investment – 8 percentage points higher than the national average of 21 percent.</p><p>Once Los Angeles small businesses have been established, bank loans become the top source of capital (51 percent), followed by personal credit cards (36 percent), reducing family and friends as a source of funding to 15 percent. To a much smaller degree, business owners also report using new, alternative sources, such as online lenders, venture capital and angel investors.</p><p><b>Reluctant to embrace EMV technology </b></p><p>Only 27 percent of Los Angeles small business owners have implemented Europay, MasterCard and Visa (EMV) chip card technology. For the 31 percent who have not installed EMV, the top reason cited is they don't see the importance or value of implementing it (52 percent) – 7 percentage points higher than the national average. Among those who have adopted EMV, 59 percent say they feel more secure compared to only 37 percent nationwide who say the same.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local Los Angeles snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report <b><br /></b>GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p><br /> Bank of America<br /> Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p></p><p>Reporters May Contact:</p><p>Colleen Haggerty, Bank of America, 213.621.7414<br /><a href="mailto:colleen.haggerty@bankofamerica.com">colleen.haggerty@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007274 at http://newsroom.bankofamerica.comBank of America Survey Finds Miami Small Business Owners Confident on Long-Term Growth and Revenue Expectationshttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-miami-small-business-owners-confiden
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Miami, Fla. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p align="center" style="text-align:left">Miami Entrepreneurs Surpass National Average on Applying for Loans for Their Businesses</p>
</div>
</div>
</div>
<p>A majority of Miami entrepreneurs remain significantly more confident than small business owners across the country on revenue, growth and hiring, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(0, 0, 255)">fall 2016 Bank of America Small Business Owner Report</span></a>. Thirty-one percent of Miami small business owners have applied for a business loan in the past two years – the highest among the 10 major cities surveyed and 12 percentage points higher than the national average.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Miami and around the country, also found that 68 percent of Miami entrepreneurs believe their revenue will increase in the year ahead – a 3 percentage-point decline from the spring, but 16 percentage points higher than the national average. Seventy-one percent of Miami small business owners plan to grow their business over the next five years, in line with spring 2016 and 16 percentage points higher than their peers nationwide. Miami small business owners’ 12-month staffing projections also remain steady from spring to fall, but higher than any other market surveyed, with 47 percent planning to hire new employees in 2017.</p><p>“Miami entrepreneurs remain very confident about revenue and long-term business growth plans,” said Odalis Martinez, Miami small business banking manager at Bank of America. “While this news is encouraging, we have also seen increased concern and caution among Miami small business owners around general outlooks on the economy.”</p><p><b>Economic factors and issues raise concerns for Miami entrepreneurs</b></p><p>When it comes to specific economic factors, the cost of health care is the most prominent concern with more than 76 percent of Miami entrepreneurs reporting they are worried it will impact their business over the next year. Miami small business owners are also more concerned about the following when compared to the rest of the country:</p><ul><li><p>Strength of the U.S. dollar (66 percent vs. 52 percent nationwide).</p></li><li><p>Consumer spending (63 percent vs. 51 percent nationwide).</p></li><li><p>Interest rates (60 percent vs. 46 percent nationwide).</p></li><li>Credit availability (57 percent vs. 35 percent nationwide).</li></ul><p> </p><p>Additional economic concerns that Miami small business owners believe will impact their businesses in 2017 include:</p><ul><li><p>Corporate tax rates (67 percent).</p></li><li><p>U.S. and/or global stock markets (57 percent).</p></li><li><p>Commodities prices (55 percent).</p></li><li>Immigration policy (50 percent).</li></ul><p><b> </b></p><p><b>Family a key source of support for Miami small business owners </b></p><p>Seventy-two percent of local entrepreneurs used personal savings to get their business off the ground. Additional top funding sources used by Miami entrepreneurs when first starting out include personal credit cards (44 percent), banks (32 percent) and family or friends (28 percent).</p><p>Among the 60 percent who have borrowed or been given money for their business from family or friends, 83 percent of Miami entrepreneurs don’t regret asking those closest to them to invest in their business. Financial backing isn’t the only support Miami small business owners receive from their families; 90 percent of local entrepreneurs report they receive emotional, financial and/or operational support from their family.</p><p>While 28 percent asked family and friends for financial support to start their business, only 18 percent of Miami entrepreneurs continue to rely on their personal networks for funding once their business has been established. Banks (49 percent) and personal credit cards (45 percent) are the top two financing sources used once their business is up and running.</p><p><b>Miami entrepreneurs expect revenue boost this holiday season</b></p><p>As the holiday season approaches, the majority of Miami entrepreneurs say Black Friday (68 percent) and Cyber Monday (69 percent) are not important to their business’ bottom line. While they’re not relying heavily on popular commercial shopping days, 45 percent expect to generate more revenue this holiday season than in 2015, compared to only 24 percent nationwide.</p><p>Eighty percent of Miami small business owners plan to offer their employees at least one holiday perk. The top three perks they plan to offer include:</p><ul><li><p>Giving salary bonuses to employees (35 percent).</p></li><li><p>Closing the office during the holidays (35 percent).</p></li><li>Giving gifts to employees (33 percent).</li></ul><p> </p><p>To make these perks possible, 51 percent of Miami entrepreneurs say they will have to make a personal sacrifice in some way, whether it’s working longer hours (24 percent), sacrificing at least a portion of their own wage (17 percent) or forgoing vacation or days off (12 percent).</p><p><b>EMV technology implementation falters for Miami entrepreneurs</b></p><p>Despite the October 2015 deadline for businesses to implement Europay, MasterCard, Visa (EMV) technology into payment systems, only 20 percent of Miami entrepreneurs surveyed have done so. For the 33 percent who haven’t installed the technology, the top reason cited is because they don't see the importance or value of implementing it. However, for those who have adopted EMV, 69 percent say they feel more secure compared to only 37 percent nationwide who say the same.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(0, 0, 255)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(0, 0, 255)">here</span></a>. A local Miami snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(0, 0, 255)">here</span></a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report <br />GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(0, 0, 255)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(0, 0, 255)">www.bankofamerica.com</span></a></p><p></p><p><br />Reporters May Contact:<br />Matthew Daily, Bank of America, 404.607.2844<br /><a href="mailto:matthew.daily@bankofamerica.com">matthew.daily@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007275 at http://newsroom.bankofamerica.comBank of America Survey Finds Majority of New York Small Business Owners Lean on Family and Friends for Supporthttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-majority-new-york-small-business-own
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
New York City </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p align="center" style="text-align:left">Area Small Business Owners More Apprehensive About Local, National Economies and Growth Than Peers Nationwide</p>
</div>
</div>
</div>
<p>Eighty-one percent of New York small business owners say they receive emotional, operational and/or financial support from their family, with 46 percent reporting that family and/or friends have at some point loaned or gifted them money for their business, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in metro New York and around the country, also found that half rely on family and friends to serve important roles in their business, whether as advisers, employees, investors or partners. When asked who helps them the most with running their business, 30 percent responded “friends and family,” exceeded only by “employees” (40 percent).</p><p>“In a city known for its fast pace and dynamic state of change, family and friends are an important pillar of support for small business owners and their enterprises,” said Michael Angelone, New York small business banking manager at Bank of America. “While New York entrepreneurs are still very much the motivated self-starters they’ve always been, loved ones and local networks are critical in helping them manage the financial, operational and indeed, emotional, aspects of the job.”</p><p>The report also found a strong interdependence among area small business owners and their communities. Nearly two-thirds say residents in their local community are active in supporting small businesses, while 48 percent say their community is important to the success of their individual enterprise. Two-thirds of local entrepreneurs say they give back by supporting local charitable or non-profit organizations.</p><p><b>Hiring forecast up, but revenue, growth and economic outlook remain steady and low </b></p><p>The percentage of metro New York small business owners planning to hire in the next year jumped from 22 percent in spring 2016 to 34 percent this fall – a notable bright spot in an otherwise tepid business outlook where economic optimism and growth projections remained steady in the same six-month period, and are among the lowest levels recorded since 2012.</p><p>Only 37 percent of area owners are confident that the local economy will improve over the next 12 months, compared with higher optimism rates among small business owners in nearby cities Boston (47 percent) and Washington, D.C. (55 percent). When asked about their outlook on the national economy, area entrepreneurs again were conservative, with just 35 percent reporting optimism.</p><p>The report also found that local small business revenue expectations have remained steady from spring 2016 to fall, with 55 percent planning to increase revenues over the next 12 months, compared with 58 percent in the spring. Five-year growth plans are also on par with spring levels, with 52 percent reporting plans to grow their business over the next five years – among the lowest of the 10 major cities surveyed.</p><p><b>Health care concerns on the rise</b></p><p>Seventy-seven percent of area small business owners expressed worries about health care costs, up 5 percentage points from spring 2016. Following the cost of health care, local entrepreneurs say they are worried about the U.S. and/or global stock market (59 percent) and corporate tax rates (58 percent).</p><p><b>Savings to loans: the life cycle of small business financing</b></p><p>Metro New York small business owners report shifting sources of capital over the lifetime of their business. When starting their business, they were most likely to rely on personal savings (70 percent) and personal credit cards (39 percent), followed by bank loans (30 percent) and support from family and/or friends (24 percent).</p><p>Once their small business became established, area entrepreneurs were more likely to rely on bank loans as their top source of financing (48 percent), followed by personal credit cards (42 percent), online lending (8 percent) and family and/or friends (8 percent).</p><p>New York small business owners are borrowing from banks at higher rates than their counterparts across the country. Nearly one-quarter report having applied for a loan in the past two years, exceeding the national average of 18 percent. Sixteen percent plan to apply for a loan in the next 12 months, compared with 10 percent nationwide.</p><p><b>Area small businesses expect to meet year-end goals, award employee holiday perks</b></p><p>Seventy percent of metro New York small business owners expect to meet their year-end revenue goals, slightly down from end-of-year expectations from previous years. As the holidays approach, three-quarters of area business owners plan to offer their employees some kind of holiday perk, including:</p><ul><li><p>Closing the office (38 percent).</p></li><li><p>Awarding salary bonuses (36 percent).</p></li><li><p>Giving employee gifts (26 percent).</p></li><li>Holding an office holiday party (24 percent).</li></ul><p> </p><p>Half of New York entrepreneurs say that offering holiday perks to their employees will not impact them at all, while 18 percent say they will have to forgo vacation or days off, and 17 percent will have to work longer hours or sacrifice at least a portion of their own wage.</p><p><b>Don’t see the value of EMV technology </b></p><p>One year after the compliance deadline to implement Europay, MasterCard and Visa (EMV) chip-reader technology into merchant payment systems, New York small business owners are on the fence about its value. Just 23 percent have implemented the technology, and among them, 60 percent report feeling more secure. Of those haven’t yet adopted it, 52 percent say it’s because they don’t see the value. Another 25 percent say they don’t have the finances to adopt the technology, and 12 percent report they don’t understand it.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local New York snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.</p><p> </p><p>About the Bank of America Small Business Owner Report <br /> GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America</p><p>Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p></p><p><br />Reporters May Contact:<br />Susan Atran, Bank of America, 646.743.0791<br /><a href="mailto:susan.atran@bankofamerica.com">susan.atran@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007276 at http://newsroom.bankofamerica.comBank of America Survey Finds Majority of Bay Area Entrepreneurs Lean on Family, Friends and Community for Supporthttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-majority-bay-area-entrepreneurs-lean
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
San Francisco </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>San Francisco Small Business Owners Optimistic on Economy, Revenue and Growth; Outlook Exceeds That of Most Peers Nationwide</p>
</div>
</div>
</div>
<p>Eighty-one percent of Bay Area small business owners say they receive emotional, operational and/or financial support from their family, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>. Fifty-one percent of local entrepreneurs also report that their family and/or friends have at some point loaned or gifted them money for their business.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in the Bay Area and around the country, also found that San Francisco small business owners aren’t taking for granted the financial support they receive from those closest to them. Eighty-one percent who have received money from family and/or friends say they need to repay the loan, and the top emotions Bay Area entrepreneurs feel when borrowing or receiving money from family and/or friends are grateful and appreciative (61 percent), anxiousness or pressure to pay it back (36 percent) and more motivated to succeed (35 percent).</p><p>“It’s uplifting to see Bay Area entrepreneurs receiving such strong emotional and financial support from their families and friends, and that the local community has played a critical role in their individual successes,” said Emily Shanks, small business northwest division executive at Bank of America. “With entrepreneurism in their DNA, these business leaders are hoping to capitalize on what appears to be a stable economy, with plans to grow their business and hire more employees in the months ahead.”</p><p>More than three-quarters of San Francisco small business owners report that residents in their community actively shop at small businesses – and 68 percent say the local community plays an important role in the success of their individual enterprise. Seventy-one percent of Bay Area entrepreneurs give back by supporting local charitable or nonprofit organizations.</p><p>A strong culture of community support may be why a majority of Bay Area small business owners have optimistic outlooks on the local economy, revenue and growth. Fifty-nine percent of the area’s small business owners expect their revenue to increase in the year ahead, compared to 52 percent nationally. Confidence in the economy is strong among Bay Area small business owners as well, with 55 percent reporting confidence in the local economy (vs. 37 percent nationwide) and 43 percent expressing confidence in the national economy (vs. 31 percent nationwide). San Francisco small business owners are among the most likely to hire more employees in 2017, with 43 percent planning to do so compared with 25 percent nationwide.</p><p><b>Top economic concerns among Bay Area entrepreneurs</b></p><p>When it comes to specific economic factors, health care costs are the most prominent concern among San Francisco entrepreneurs, with 69 percent reporting they are worried it will impact their business over the next year. Additional economic concerns that many San Francisco small business owners believe will impact their businesses in 2017 include:</p><p> </p><ul><li><p>Interest rates (57 percent).</p></li><li><p>Corporate tax rates (56 percent).</p></li><li><p>Strength of the U.S. dollar (54 percent).</p></li><li><p>Commodities prices (50 percent).</p></li><li>U.S. and/or global stock market (50 percent).</li></ul><p> </p><p><b>Life cycle of Bay Area small business financing</b></p><p>When asked how they initially funded their small business, a majority of Bay Area small business owners responded that they largely relied on personal savings (66 percent). Additional top startup funding sources used by San Francisco entrepreneurs include credit cards (42 percent), bank loans (34 percent) and family and/or friends (26 percent). On a much smaller scale, 16 percent of local entrepreneurs used alternative sources of funding when starting their business, such as crowdfunding, venture capital and angel investors.</p><p>Once their business is established, the top financing source cited by Bay Area small business owners shifts to bank loans (51 percent), while 40 percent use personal credit cards. There is less reliance on family and friends (14 percent), and financing with alternative sources (19 percent) remained steady.</p><p>Seventeen percent of small business owners in the Bay Area report they plan to apply for a loan in the next 12 months, up 5 percentage points from six months ago. Among those who intend to apply for a loan, 42 percent report they will use the funding to invest in new technology – the highest of 10 major cities surveyed and more than double the national average of 20 percent. Local small business owners also plan to use loan funding to invest in new equipment (33 percent) and to hire new employees (30 percent, more than twice as high as the national average of 13 percent).</p><p><b>Bay Area small business owners plan to finish strong in 2016, sacrifice to offer holiday perks</b></p><p>Seventy-seven percent of Bay Area small business owners plan to hit their year-end revenue goal, while 38 percent plan to generate more revenue this holiday season than they did in the 2015 holiday season.</p><p>Eighty-two percent of Bay Area small business owners plan to offer their employees at least one holiday perk, including:</p><ul><li><p>Closing the office during the holidays (38 percent).</p></li><li><p>Giving gifts to employees (34 percent).</p></li><li><p>Holding an office holiday party (31 percent).</p></li><li><p>Offering flexible hours or vacation time around the holidays (31 percent).</p></li><li>Giving salary bonuses to employees (29 percent).</li></ul><p> </p><p>To make these perks possible, 56 percent of Bay Area small business owners say they will need to make a personal sacrifice in some way – 19 percentage points higher than the national average. Local entrepreneurs offering perks say they will be impacted by working longer hours (27 percent), sacrificing at least a portion of their own wage (21 percent), using their personal credit cards to pay for perks (17 percent) and/or forgoing vacation/days (13 percent).</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local San Francisco snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.</p><p><b> </b></p><p>About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p><br /> Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p></p><p><br />Reporters May Contact:<br />Colleen Haggerty, Bank of America, 213.621.7414</p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007277 at http://newsroom.bankofamerica.comGreater Washington Small Business Owners’ Revenue, Growth and Hiring Outlook Notably Higher Than Peers Nationwide, According to Bank of America Surveyhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/greater-washington-small-business-owners-revenue-growth-and-hi
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Washington, D.C. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Family, Friends and Community Are Critical to Local Entrepreneurs’ Successes</p>
</div>
</div>
</div>
<p>Small business owners in the Greater Washington area are more confident in their revenue expectations, growth and hiring plans than their peers nationwide, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>.</p><p>Sixty-eight percent of Greater Washington-area entrepreneurs expect their revenue to increase in 2017 (vs. 52 percent nationwide). Long-term growth outlook is also strong, with 68 percent of local small business owners reporting they plan to grow their business over the next five years (vs. 55 percent nationwide). To support this growth, 45 percent say they plan to hire more employees in the year ahead, significantly higher than the national average (25 percent) and up from 35 percent just six months ago.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in the Greater Washington area and around the country, also found that 95 percent of area entrepreneurs report they receive financial, emotional and/or operational support from their family, and 53 percent have received a financial loan or gift from family and/or friends for their business. Sixty-five percent of area entrepreneurs rely on family to serve at least one important role in their business, whether as advisors, employees, investors and/or partners – among the highest of the 10 major cities surveyed.</p><p>“Business is a family, friend and community affair here in the Greater Washington region,” said Sean Mitchell, Washington, D.C. small business banking manager at Bank of America. “Small business owners share their passions with their loved ones and local networks, and that could be why they are feeling among the most optimistic about their business outlooks and future success compared with other small business owners around the country.”</p><p>In addition to family and friends, local small business owners perceive their community to play a sizeable role in the success of their business. Seventy-nine percent report that residents in their community actively support local businesses – with 66 percent saying their local community plays an important role in the success of their own individual enterprise. To show their appreciation, more Greater Washington-area business owners give back to their communities than any of the 10 major cities surveyed, with 81 percent reporting they support charitable or nonprofit organizations, compared to 67 percent nationwide.</p><p><b>Health care tops economic factors worrying Greater Washington-area entrepreneurs </b></p><p>Fifty-five percent of Greater Washington small business owners are confident their local economy will improve in 2017 (vs. 37 percent nationwide). Forty-six percent forecast improvement of the national economy in the year ahead (vs. 31 percent nationwide).</p><p>While local entrepreneurs are feeling more confident than their peers nationwide about many key areas of their business, they are concerned that certain economic factors could have an impact. The cost of health care is the most prominent concern among Greater Washington-area small business owners with 72 percent worried it will impact their business in the year ahead. Additionally, a majority of local small business owners are concerned about:</p><ul><li><p>Consumer spending (55 percent).</p></li><li><p>Corporate tax rates (53 percent).</p></li><li>Interest rates (52 percent).</li></ul><p> </p><p><b>How Greater Washington-area entrepreneurs finance their businesses</b></p><p>When starting their businesses, 76 percent of local entrepreneurs say they dipped into personal savings, followed by personal credit cards (39 percent), banks (34 percent) and family and friends (34 percent). Beyond these traditional sources of funding, small business owners in the Greater Washington area were most likely to use new, alternative sources (22 percent), such as online lenders, venture capital and angel investors, or start-up funds.</p><p>Once established, banks became the primary source of financing for local small business owners (44 percent), followed by credit cards (39 percent) and family and/or friends (20 percent). Family borrowing includes in-laws, which 13 percent of Greater Washington-area small business owners said they’ve done, compared with only 5 percent nationwide.</p><p><b>Upbeat on year-end revenues and feeling the holiday spirit</b><b> </b></p><p>Seventy-two percent of Greater Washington-area small business owners expect to hit their year-end revenue goals. As such, 82 percent plan to spread holiday cheer by offering employees at least one holiday perk this season.</p><p>Giving the gift of time was top on the list of perks local entrepreneurs plan to provide, more so than their peers nationwide:</p><ul><li><p>Closing the office (46 percent vs. 37 percent nationwide).</p></li><li>Offer flexible hours or vacation time (34 percent vs. 20 percent nationwide).</li></ul><p>Rewarding employees does come at some personal cost to Greater Washington-area entrepreneurs: 28 percent say they will forgo vacation to allow their employees to have extra time, compared to only 11 percent nationwide.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2016.pdf"><span style="color:rgb(5, 99, 193)">fall 2016 Bank of America Small Business Owner Report</span></a>, and for additional insights, download the Small Business Owner Report national infographic <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>. A local Greater Washington-area snapshot can also be viewed <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Fall_2016_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf"><span style="color:rgb(5, 99, 193)">here</span></a>.</p><p><br />About the Bank of America Small Business Owner Report<br /> GfK Public Affairs and Corporate Communications conducted the Bank of America Small Business Owner Report survey for fall of 2016 online between August 7 and October 4, 2016 using pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, small business owners were surveyed in 10 target markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. A total of 300 small business owners were surveyed in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, San Francisco and Washington, D.C., and 100 small business owners were surveyed in Houston. The final results were weighted to national benchmark standards for size, revenue and region.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">Bank of America news</span></a>.</p><p align="center"><a href="http://www.bankofamerica.com/"><span style="color:rgb(5, 99, 193)">www.bankofamerica.com</span></a></p><p></p><p><br />Reporters May Contact:<br />Tara Burke, Bank of America, 203.292.6590<br /><a href="mailto:tara.a.burke@bankofamerica.com">tara.a.burke@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007278 at http://newsroom.bankofamerica.comBank of America Survey Finds Family, Friends and Community Core to Small Business Successhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-family-friends-and-community-core-sm
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
CHARLOTTE, N.C. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p> Small Business Owners Remain Lukewarm on the Economy, Growth, Hiring </p>
</div>
</div>
</div>
<p>
Small business owners are getting by with a little help from their
friends, family and community, with 83 percent reporting they receive
financial, operational and/or emotional assistance from their family,
according the <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Fall_2016.pdf&esheet=51460051&newsitemid=20161115005176&lan=en-US&anchor=fall+2016+Bank+of+America+Small+Business+Owner+Report&index=1&md5=ef6964dce1b56b423dcd600e2ff9a132" rel="nofollow">fall
2016 Bank of America Small Business Owner Report</a>.
</p>
<p>
The report, based on a semi-annual survey of 1,000 small business owners
across the country, found that 38 percent have received financial gifts
or loans from family and/or friends to fund their business, and 53
percent rely on family to serve important roles in their business,
whether as advisers, employees, investors or partners. When asked who
helps them most with running their business, 35 percent responded
“friends and family,” exceeded only by “employees” (44 percent).
</p>
<p>
Support from family, friends and community has proven to be a bright
spot in an otherwise challenging business environment. Overall optimism
about the national (31 percent) and local economies (37 percent)
improving remain in line with lower levels reported in the spring.
Revenue expectations, as well as plans to grow and hire, also held
steady from spring to fall. Fifty-two percent of entrepreneurs predict
revenue growth in 2017; 55 percent plan to grow their business over the
next five years; and only 25 percent plan to hire in the year ahead –
all among the lowest projections recorded in the survey since 2012.
</p>
<p>
“We know small business owners are inherent self-starters making
significant personal sacrifices on behalf of their businesses, but
what’s fascinating is this dimension of family, friends and community
that they see as core to their success,” said Sharon Miller, head of
Small Business, Bank of America. “As apprehension about the economy
stalls plans for many to grow and hire, small business owners are
forging ahead with a foundation of support from loved ones and local
networks. It shows why it’s so important for us at Bank of America to
serve and support business owners, their families and local communities.”
</p>
<p>
The importance of community to small business owners is illustrated by
the fact that 62 percent report that residents in their community
actively support local businesses, with 47 percent saying their local
community plays an important role in the success of their own individual
enterprise. To show appreciation for this patronage, a majority of small
business owners (67 percent) invest in their communities by supporting
local charitable and/or nonprofit organizations.
</p>
<p>
<b>New small businesses significantly more optimistic about economy;
more reliant on family</b>
</p>
<p>
One exception to the dampened outlook is the newer subset of small
business owners – those whose businesses are less than five years old,
who are more optimistic about the economy and their business growth.
Fifty-two percent of these entrepreneurs are optimistic their local
economies will improve in the year ahead, compared to 43 percent of
growing businesses (six to 10 years) and 31 percent of well-established
businesses (11+ years). To a lesser degree, the trend also holds for
12-month outlooks on the national economy (39 percent vs. 34 percent vs.
28 percent). New small business owners are also more optimistic about
projected revenue growth in 2017, with 78 percent expecting growth,
compared to 65 percent of growing businesses and only 42 percent of
well-established firms.
</p>
<p>
Owners of newer small businesses not only are more optimistic than their
more established peers, they also are more likely to receive financial
support from family and friends. Thirty-four percent of new small
business owners report that family and/or friends helped fund their
business when they were first starting out, compared to only 18 percent
of both growing and well-established business owners. Taking a broader
look to when the small business is up and running, 54 percent of new
entrepreneurs report that family/friends have gifted or lent them money
for their business at some point, compared to 42 percent of growing
businesses and 32 percent of well-established firms.
</p>
<p>
<b>Concern over health care costs, consumer spending</b>
</p>
<p>
The top economic concern cited by small business owners this fall was
health care costs. Three-quarters of respondents reported concern over
the impact of health care costs on their business over the next 12
months. Consumer spending, which was among the lower-rated concerns in
the spring, is now on the minds of 51 percent of small business owners
heading into the holidays.
</p>
<p>
<b>Life cycle of small business financing</b>
</p>
<p>
Small business owners report shifting sources of capital over the
lifetime of their business. As their businesses were just getting off
the ground, small business owners were most likely to rely on financing
from personal savings (76 percent), followed by personal credit cards
(36 percent), bank loans (25 percent) and gifts or loans from family
and/or friends (21 percent). Once a business has been established, bank
loans become the top source of capital (43 percent), followed by
personal credit cards (42 percent) and support from family and/or
friends (7 percent).
</p>
<p>
<b>End-of-year revenues, seasonal sales and holiday perks</b>
</p>
<p>
Despite a cautious outlook on the year ahead, 68 percent of small
business owners expect to hit their year-end revenue targets, while 40
percent of those in the retail, consumer products and wholesale
industries expect to generate more revenue this year than in 2015. They
don’t, however, expect much of a boost from commercial holidays.
</p>
<p>
Sixty-eight percent of retail small business owners said that Black
Friday was not important to their business, while 67 percent said the
same about Cyber Monday.
</p>
<p>
When it comes to holiday perks for employees, small business owners
appear to be tightening their belts. Just 72 percent of small business
owners plan to reward employees with a holiday perk this season, down
from 92 percent in 2015 and 89 percent in 2014. In past years, more than
half of small business owners said they planned to give employee
bonuses; this season only 31 percent said they would.
</p>
<p>
Holiday parties are also on the decline, with only one-quarter reporting
they’ll host one for employees, compared to close to half of small
business owners in previous years.
</p>
<p>
For those who are planning to reward employees this holiday season, 37
percent say they will have to make some sort of personal sacrifice,
whether it’s working longer hours themselves (15 percent), sacrificing
at least a portion of their own wage (14 percent), or forgoing vacation
or days off (11 percent).
</p>
<p>
<b>EMV ambivalence; one-third haven’t implemented</b>
</p>
<p>
One-third of small business owners acknowledge they have not implemented
Europay, MasterCard, Visa (EMV) chip card reader technology in their
payment systems despite an October 2015 deadline. Forty-five percent of
those who are required to implement it but haven’t done so report they
don’t see the value or importance of the technology, while 17 percent
say they lack the funds. Of small business owners who have adopted EMV
technology, nearly two-thirds say they don’t feel any more secure now
than before the technology was in place.
</p>
<p>
For a complete, in-depth look at the insights of the nation’s small
business owners, read the <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Fall_2016.pdf&esheet=51460051&newsitemid=20161115005176&lan=en-US&anchor=fall+2016+Bank+of+America+Small+Business+Owner+Report&index=2&md5=ffa2f1550cb0de4aacf0051f043a3ce4" rel="nofollow">fall
2016 Bank of America Small Business Owner Report</a>, and for additional
insights, download the Small Business Owner Report national infographic <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FFall_2016_Small_Business_Owner_Report_Infographic_-_National.pdf&esheet=51460051&newsitemid=20161115005176&lan=en-US&anchor=here&index=3&md5=934021cc746d221a051c601880355556" rel="nofollow">here</a>.
</p>
<p>
About the Bank of America Small Business Owner Report<br />GfK Public
Affairs and Corporate Communications conducted the Bank of America Small
Business Owner Report survey for fall of 2016 online between August 7
and October 4, 2016 using pre-recruited online sample of small business
owners. GfK contacted a national sample of 1,000 small business owners
in the United States with annual revenue between $100,000 and $4,999,999
and employing between 2 and 99 employees. In addition, small business
owners were surveyed in 10 target markets: Atlanta, Boston, Chicago,
Dallas/Fort Worth, Houston, Los Angeles, Miami, New York, San Francisco
and Washington, D.C. A total of 300 small business owners were surveyed
in Atlanta, Boston, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New
York, San Francisco and Washington, D.C., and 100 small business owners
were surveyed in Houston. The final results were weighted to national
benchmark standards for size, revenue and region.
</p>
<p>
Bank of America<br />Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,600
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with approximately 34 million active accounts and more
than 21 million mobile active users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto
Rico and more than 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
</p>
<p>
Visit the Bank of America newsroom for more <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&esheet=51460051&newsitemid=20161115005176&lan=en-US&anchor=Bank+of+America+news&index=4&md5=41a2857d0de9abb3d9435c20b4700996" rel="nofollow">Bank
of America news</a>.
</p>
<p class="bwalignc">
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com&esheet=51460051&newsitemid=20161115005176&lan=en-US&anchor=www.bankofamerica.com&index=5&md5=46efc52cd49cca213155d193cb56f4e7" rel="nofollow">www.bankofamerica.com</a>
</p>
<p>
<img alt="" src="//cts.businesswire.com/ct/CT?id=bwnews&sty=20161115005176r1&sid=hq1sc1&distro=nx&lang=en" />
<span class="bwct31415"/>
</span></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-contact-html field-fieldpressreleasecontacthtml">
<div class="field-label">Contact: </div>
<div class="field-items">
<div class="field-item odd">
<p> Reporters May Contact:<br />Don Vecchiarello, Bank of America, 1-980-387-4899<br /> <a href="mailto:don.vecchiarello@bankofamerica.com">don.vecchiarello@bankofamerica.com</a> </p> </div>
</div>
</div>
<div class="field field-type-newsml-stock field-field-press-release-ticker-slug field-fieldpressreleasetickerslug">
<div class="field-label">Ticker Slug: </div>
<div class="field-items">
<div class="field-item odd">
<div class="clear-block"> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Ticker:</div> <div class="newsml-stock-symbol newsml-stock-field-value">BAC</div> </div> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Exchange:</div> <div class="newsml-stock-market newsml-stock-field-value">NYSE</div> </div></div> </div>
</div>
</div>
<div class="field field-type-link field-field-press-release-sm-profile field-fieldpressreleasesmprofile">
<div class="field-items">
<div class="field-item odd">
<a href="https://www.facebook.com/BankofAmerica">Organization,Facebook,Bank of America on Facebook</a> </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-twit-handle field-fieldpressreleasetwithandle">
<div class="field-items">
<div class="field-item odd">
@BofA_News </div>
</div>
</div>
Small Business BankingTue, 15 Nov 2016 14:00:00 +00007282 at http://newsroom.bankofamerica.comBank of America Survey Finds Women Small Business Owners More Optimistic Compared to Men on Revenue and Growth Outlookhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-women-small-business-owners-more-opt
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
CHARLOTTE, N.C. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p> Women Small Business Owners Divided on Limits of the Glass Ceiling </p>
</div>
</div>
</div>
<p>
Women small business owners are feeling more optimistic about annual
revenue and growth expectations than their male counterparts, according
to the inaugural <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2F2016_Women_Small_Business_Owner_Spotlight_Infographic.pdf&esheet=51394434&newsitemid=20160803005161&lan=en-US&anchor=Bank+of+America+Women+Business+Owner+Spotlight&index=1&md5=b6e719383b6d31d04b2f81b8de69b9f8" rel="nofollow">Bank
of America Women Business Owner Spotlight</a>, a study based on a survey
of 1,000 small business owners across the country, focusing on the
aspirations and pain points of women business owners.
</p>
<p>
According to the study, 54 percent of women entrepreneurs expect their
revenue to increase over the next 12 months, compared to 48 percent of
male small business owners. In addition, 60 percent of women business
owners expect to grow their business over the next five years (vs. 52
percent of men). The two main sources of funding used by women
entrepreneurs as they grow include their business credit card (28
percent) and bank funding (23 percent).
</p>
<p>
Year over year, women small business owners’ confidence has largely
remained steady as their male counterparts’ confidence has declined. The
number of male entrepreneurs who expect revenue to increase over the
next 12 months has declined by 18 percentage points, and the number
planning to grow their business over the next five years fell by 16
percentage points since spring 2015. Women’s revenue expectations and
growth plans remained steady year over year, declining by 3 percentage
points or less.
</p>
<p>
“Female entrepreneurs are excited about the future and focused on the
success of their small businesses. They are demonstrating much greater
levels of optimism than their male counterparts,” said Sharon Miller,
managing director, head of Small Business, Bank of America. “However,
women small business owners do express concerns about certain areas,
which they are taking into account as they continue to grow.”
</p>
<p>
<b>Women small business owners say glass ceiling exists, but split on
whether it limits their opportunities</b>
</p>
<p>
A majority of both women (77 percent) and men (56 percent) small
business owners surveyed believe the glass ceiling exists for some women
and minorities. Despite a strong majority acknowledging the glass
ceiling, women business owners are split on whether it directly affects
them. While 54 percent of female entrepreneurs don’t feel impacted, 46
percent have felt limited by the glass ceiling at some point in their
careers.
</p>
<p>
Despite that, the majority of female small business owners believe they
have the same access as their male counterparts to clients (79 percent)
and outside resources (75 percent). However, 28 percent still feel they
do not have the same access to capital as their male counterparts, and
25 percent say they don’t have the same access to new business.
</p>
<p>
When it comes to hiring or managing staff, 79 percent of female
entrepreneurs say they experience the same challenges compared to men,
with an additional 8 percent saying they experience fewer challenges
than their male counterparts.
</p>
<p>
<b>Female small business owners feeling empowered and successful</b>
</p>
<p>
When asked how being a small business owner makes them feel, 49 percent
of female small business owners surveyed said it makes them feel
empowered, 10 percentage points higher than their male counterparts.
Fifty-four percent of women stated that it makes them feel successful,
and more female small business owners reported it makes them feel more
content (35 percent), than stressed (33 percent).
</p>
<p>
Fifty-one percent of women entrepreneurs said they started their own
business because they wanted to be their own boss, and 20 percent did so
because they wanted to excel financially. Only 8 percent of women small
business owners started their business because they were unhappy in
their previous job.
</p>
<p>
<b>Economic concerns impacting women small business owners</b>
</p>
<p>
While both women and men small business owners share similar views on
top economic concerns over the next 12 months, more women small business
owners are concerned about:
</p>
<ul>
<li class="bwlistitemmargb">
Corporate tax rates (54 percent of women vs. 45 percent of men).
</li>
<li class="bwlistitemmargb">
Strength of the U.S. dollar (59 percent of women vs. 45 percent of
men).
</li>
<li class="bwlistitemmargb">
Commodities prices (52 percent of women vs. 44 percent of men).
</li>
</ul>
<p>
Women small business owners are more likely to support raising the
minimum wage; 55 percent of women entrepreneurs think raising the
minimum wage would have a positive impact on the economy, compared to
only 41 percent of men.
</p>
<p>
Bank of America Women Business Owner Spotlight<br />GfK Public Affairs
and Corporate Communications conducted the Bank of America Women
Business Owner Spotlight Survey for the summer 2016 online between March
17 and April 19, 2016 using a pre-recruited online sample of small
business owners. GfK contacted a national sample of 1,000 small business
owners in the United States with annual revenue between $100,000 and
$4,999,999 and employing between 2 and 99 employees.
</p>
<p>
Bank of America<br />Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with approximately 33 million active accounts and more
than 20 million mobile active users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto
Rico and more than 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
</p>
<p>
Visit the Bank of America newsroom for more <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com&esheet=51394434&newsitemid=20160803005161&lan=en-US&anchor=Bank+of+America+news&index=2&md5=a684761092a6b3f5a65271894fa2f483" rel="nofollow">Bank
of America news</a>.
</p>
<p class="bwalignc">
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com&esheet=51394434&newsitemid=20160803005161&lan=en-US&anchor=www.bankofamerica.com&index=3&md5=51ded4f969162a93adfc97571dcbb548" rel="nofollow">
<b>www.bankofamerica.com</b>
</a>
</p>
<p class="bwalignc">
</p>
<p>
<img alt="" src="//cts.businesswire.com/ct/CT?id=bwnews&sty=20160803005161r1&sid=hq1sc1&distro=nx&lang=en" />
<span class="bwct31415"/>
</span></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-contact-html field-fieldpressreleasecontacthtml">
<div class="field-label">Contact: </div>
<div class="field-items">
<div class="field-item odd">
<p> Reporters May Contact:<br />Don Vecchiarello, Bank of America, 1.980.387.4899<br /> <a href="mailto:don.vecchiarello@bankofamerica.com">don.vecchiarello@bankofamerica.com</a> </p> </div>
</div>
</div>
<div class="field field-type-newsml-stock field-field-press-release-ticker-slug field-fieldpressreleasetickerslug">
<div class="field-label">Ticker Slug: </div>
<div class="field-items">
<div class="field-item odd">
<div class="clear-block"> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Ticker:</div> <div class="newsml-stock-symbol newsml-stock-field-value">BAC</div> </div> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Exchange:</div> <div class="newsml-stock-market newsml-stock-field-value">NYSE</div> </div></div> </div>
</div>
</div>
<div class="field field-type-link field-field-press-release-sm-profile field-fieldpressreleasesmprofile">
<div class="field-items">
<div class="field-item odd">
<a href="https://www.facebook.com/BankofAmerica">Organization,Facebook,Bank of America on Facebook</a> </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-twit-handle field-fieldpressreleasetwithandle">
<div class="field-items">
<div class="field-item odd">
@BofA_News </div>
</div>
</div>
Small Business BankingWed, 03 Aug 2016 13:00:00 +00007084 at http://newsroom.bankofamerica.comBank of America Survey Finds Dallas/Fort Worth Small Business Owners More Upbeat About Revenue Expectations and Local Economy Than Peers Nationwidehttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-dallasfort-worth-small-business-owne
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Dallas </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>National Economic Confidence Down Amid Election Year Uncertainty</p>
</div>
</div>
</div>
<p>Dallas/Fort Worth small business owners show greater confidence in their revenue projections and in their local economy than their peers across the country, even though confidence in the national economy overall is down, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf"><span style="color:rgb(0, 0, 255)">spring 2016 Bank of America Small Business Owner Report</span></a>. Sixty-two percent of Dallas/Fort Worth entrepreneurs expect their revenue to increase this year – higher than the national average of 51 percent. In addition, 56 percent anticipate their local economy will improve in the next year – 18 percentage points higher than the national average.</p><p>However, the report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Dallas/Fort Worth and around the country, also found that only 38 percent feel confident that the national economy will improve over the next year – a 17 percentage-point drop from a year ago. The upcoming elections may be affecting their outlook, with 76 percent believing the presidential election will affect their business “a lot” or “somewhat,” and 61 percent saying the same about congressional elections – both significantly higher than the national average of 67 and 53 respectively.</p><p>“As this election year progresses, Dallas/Fort Worth small business owners appear to be hitting the pause button on their business growth and hiring plans, which is consistent behavior with past election years,” said Jeffrey Coomer, Dallas/Fort Worth small business banker manager at Bank of America. “Despite the uncertainty, however, it’s good to see Dallas/Fort Worth entrepreneurs still expressing optimism in their ability to grow their business.”</p><p>While optimism for their local economy and revenue projections are strong, the report also found that plans for business growth and hiring have slowed. Last spring, 76 percent of Dallas/Fort Worth entrepreneurs planned to grow over the next five years; that number has dropped to 61 percent. Additionally, 39 percent plan to hire new employees in the next year – down from 57 percent last spring.</p><p><b>Most concerned about U.S. government leader effectiveness, health care costs and commodities prices</b></p><p>The top economic concern for Dallas/Fort Worth area small business owners is the “effectiveness of U.S. government leaders” (79 percent) – in line with previous election years. Among other economic factors, Dallas/Fort Worth small business owners worry most about health care costs (77 percent) and commodities prices (61 percent).</p><p>The news isn’t entirely pessimistic as anxiety over several other economic factors has declined or remained flat since spring 2015; concern over credit availability has dropped by 18 percentage points, while interest rates, corporate tax rates, the strength of the U.S. dollar and consumer spending have remained flat. </p><p><b>Dallas/Fort Worth entrepreneurs plan to invest loan funding in new equipment</b></p><p>Consistent with election year uncertainty, fewer entrepreneurs in the market plan to apply for a loan this year, with 19 percent reporting they intend to seek funding in 2016 – a drop of 5 percentage points from a year ago. Of those who intend to apply for a loan, Dallas/Fort Worth small business owners are more likely to invest in new equipment (52 percent), 18 percentage points higher than the national average. Other top reasons include: hiring more employees (43 percent), investing in new technology (38 percent) and expanding operations (25 percent).</p><p><b>Skill and work experience top hiring factors; education less so</b></p><p>Forty-three percent of Dallas/Fort Worth entrepreneurs value skill level as the single most important characteristic in a job candidate, followed by previous work experience (32 percent) and fit with company culture (22 percent). Only 4 percent of Dallas/Fort Worth entrepreneurs say that education level is the most important factor.</p><p>When Dallas/Fort Worth entrepreneurs ranked qualities that they find most important for their employees to exhibit, 74 percent said they value candidates who are hardworking and trustworthy. Being a strong communicator (58 percent) and having experience (55 percent) were the other top characteristics valued by these North Texas small business owners. Tech savvy (34 percent), sales ability (27 percent) and knowledge of STEM (science, technology, engineering and mathematics) (14 percent) were valued less. </p><p><b>Health care costs concern Dallas/Fort Worth entrepreneurs </b></p><p>In Dallas/Fort Worth, 43 percent of small business owners offer health insurance to their employees; of those, 26 percent report their health care costs increased this year by more than 20 percent. As a result, the majority (77 percent) of these entrepreneurs are concerned about the cost of health care.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Britney Sheehan, Bank of America, 1.425.467.9744<br /><a href="mailto:britney.w.sheehan@bankofamerica.com">britney.w.sheehan@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006873 at http://newsroom.bankofamerica.comBank of America Survey Finds Boston Small Business Owners’ Economic Confidence Downhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-boston-small-business-owners-economi
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Boston </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p align="center" style="text-align:left">While More Upbeat on the Local Economy, Boston Small Business Owners Pause on Hiring and Growth Plans </p>
</div>
</div>
</div>
<p>Boston small business owners’ confidence in both the national economy and their business is on the decline this year, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf"><span style="color:rgb(0, 0, 255)">spring 2016 Bank of America Small Business Owner Report</span></a>, which found that only 33 percent feel confident that the national economy will improve over the next year – an 18 percentage-point drop from a year ago. The survey also found that the upcoming elections may be affecting their outlook, with 64 percent believing the presidential election will affect their business “a lot” or “somewhat,” and 44 percent saying the same about congressional elections. </p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Boston and around the country, also found that outlook on business growth and hiring plans has slowed. While the majority (56 percent) plan to grow their business over the next five years, this projection is down from last year when 64 percent were planning to do so. Hiring projections have cooled as well, with only 23 percent of Boston entrepreneurs planning to hire new employees in 2016.</p><p>“Boston small business owners seem to be taking a wait-and-see approach to their business growth and hiring plans as the election year progresses, which is in line with past election year behaviors,” said Jonathan Dowst, regional executive at Bank of America. “Despite this, Boston small business owners continue to express confidence in their ability to grow their business.”</p><p>Boston small business owners express more confidence than their national counterparts when it comes to revenue expectations and their local economy. Fifty-seven percent of Boston entrepreneurs expect their revenue to increase this year ‒ higher than the national average of 51 percent. In addition, 46 percent anticipate their local economy will improve in the next year ‒ 8 percentage points higher than the national average.</p><p><b>Top economic factors impacting Boston small business owners </b></p><p>The top economic concern for Boston-area small business owners is the “effectiveness of U.S. government leaders” (80 percent), which has ranked as one of the top concerns in past election years. Among other economic factors, Boston small business owners worry most about rising health care costs (73 percent) and the U.S. and/or global stock market (61 percent).</p><p>The news isn’t entirely pessimistic, as Boston small business owners’ anxiety about several other economic factors has declined or remained flat since spring 2015: Concern over interest rates has dropped by 7 percentage points, while credit availability, corporate tax rates, the strength of the U.S. dollar, commodities prices and consumer spending have remained flat. </p><p><b>Boston entrepreneurs plan to invest loan funding in new equipment</b></p><p>Consistent with election year uncertainty, fewer entrepreneurs in Boston plan to apply for a loan this year, with only 9 percent reporting they intend to seek funding in 2016, compared with 20 percent last year. Of those who intend to apply for a loan, Boston small business owners are more likely to invest in new equipment than any other market surveyed (60 percent) – 26 percentage points higher than the national average. Other top reasons include hiring more employees (38 percent), investing in new technology (35 percent) and expanding operations (29 percent).</p><p><b>Skill and work experience top hiring factors; education less so</b></p><p>Nearly half (48 percent) report that skill level is the single most important factor when hiring, followed by previous work experience (28 percent) and fit with company culture (21 percent). Only 3 percent of Boston entrepreneurs say education level is the most important factor when hiring a job candidate. </p><p>In a ranking of qualities Boston entrepreneurs find most important for their employees to exhibit, 71 percent said they most value candidates who are hardworking, while trustworthiness ranks second at 67 percent. Additional top characteristics are experience (66 percent), logical thinking (50 percent) and problem solving (48 percent). Sales ability (23 percent), tech savvy (23 percent) and knowledge of STEM (science, technology, engineering and mathematics) (16 percent) are valued less. </p><p><b>Health care costs, minimum wage increase important issues for Boston entrepreneurs </b></p><p>Health care continues to loom prominently as an issue of importance for small business owners in Boston, with 73 percent concerned about rising costs. Fifty percent of Boston small business owners offer health insurance to their employees, 10 percentage points higher than their national counterparts. In addition, 50 percent of Boston small business owners report an increased health care cost of up to 20 percent since last year – 9 percentage points higher than the national average. Twenty-three percent say costs went up by more than 20 percent this year.</p><p>As Massachusetts prepares for its own minimum wage to rise to $11 per hour (effective January 1, 2017), 52 percent of Boston small business owners say they will need to take financial measures to compensate for the increase. Twenty-one percent say they will need to increase the price of products and services, followed by reducing operational spending (16 percent), cutting staff hours (7 percent) and cutting staff (6 percent).</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Tara Burke, Bank of America, 1.203.292.6590<br /><a href="mailto:tara.a.burke@bankofamerica.com">tara.a.burke@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006864 at http://newsroom.bankofamerica.comBank of America Survey Finds Chicago Small Business Owners’ Confidence in the Economy Downhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-chicago-small-business-owners-confid
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Chicago </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Chicago Small Businesses Hold Steady on Revenue, Pare Back on Growth and Hiring</p>
</div>
</div>
</div>
<p>Chicago small business owners’ confidence in both the national and their local economies is down significantly from last year, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>. Only 33 percent of small business owners in Chicago say they are confident that the national economy will improve over the next year, a 25 percentage-point decrease from last year, while 41 percent are confident that their local economy will improve, down from 56 percent last year.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Chicago and around the country, also found that 71 percent of Chicago small business owners believe their business will be affected “a lot” or “somewhat” by the outcome of the presidential election.</p><p>“Election years tend to create a greater sense of uncertainty in the small business community, and this year is no different,” said Jim Holmes, Chicago small business banker manager for Bank of America. “Despite the general unknowns an election year brings, it’s promising to see Chicago business owners maintain expectations for revenue.”</p><p><b>Steady on revenue, but falling optimism on growth and hiring</b></p><p>While 62 percent of Chicago small business owners predict their revenue will increase over the next 12 months (in line with previous years), the report found that fewer are looking to grow their business. Last spring, 70 percent of Chicago entrepreneurs said they planned to grow over the next five years; that number that has dropped to 59 percent. Additionally, less than one-third (29 percent) plan to hire new employees in the next year, down from 51 percent last spring.</p><p><b>Health care concerns high for Chicago small business owners </b></p><p>In Chicago, 44 percent of small business owners currently offer health insurance to their employees; of those, 32 percent report their health care costs increased this year by more than 20 percent. As a result, while the cost of health care is a concern for small business owners across the country, Chicago small business owners (81 percent) are particularly concerned about this issue, compared with the national average of 74 percent.</p><p><b>Highly skilled workers, trustworthiness and team players valued above education</b></p><p>More than half (51 percent) say skill level is the most important factor when hiring a potential candidate, followed by fit with the company culture (25 percent) and previous work experience (19 percent). Only 4 percent of Chicago entrepreneurs say education level is the most important factor when hiring.</p><p>When Chicago small business owners ranked qualities they find most important for their employees to exhibit, 76 percent said they valued candidates who are trustworthy, hardworking (72 percent) and experienced (58 percent). Sales ability (30 percent) and knowledge of STEM (science, technology, engineering and mathematics) (13 percent) are less important attributes.</p><p><b>Adjusting to a minimum wage increase</b></p><p>As Chicago prepares for a minimum wage increase to $10.50 (effective July 1), 64 percent of small business owners in the area say they will need to take financial measures to adjust. The most common measures cited include: increasing the price of products and services (24 percent), reducing operational spending (20 percent) and cutting staff hours (13 percent).</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Diane Wagner, Bank of America, 1.312.992.2370<br /><a href="mailto:diane.wagner@bankofamerica.com">diane.wagner@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006865 at http://newsroom.bankofamerica.comBank of America Survey Finds San Francisco Small Business Owners Believe Minimum Wage Increase Will Positively Impact the Economyhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-san-francisco-small-business-owners-
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
San Francisco </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Despite Rising Business Costs, 65 Percent of San Francisco Small Business Owners Expect Revenue to Grow in 2016</p>
</div>
</div>
</div>
<p>Seventy percent of San Francisco small business owners believe a minimum wage increase will have a positive impact on the economy, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in San Francisco and around the country. This is much higher than the national average (47 percent), as well as other metropolitan areas, including Chicago (54 percent) and Los Angeles (48 percent).</p><p>As San Francisco prepares for a $15 per hour minimum wage by 2018, 62 percent of San Francisco entrepreneurs say they will need to take financial measures to compensate for an increase. The most commonly cited action will be to increase the price of products and services (20 percent), followed by reducing operational spending (13 percent). However, only 5 percent say they will need to cut staff, which is lower than the national average of 13 percent.</p><p>In addition to having a positive outlook about the California minimum wage increase, San Francisco small business owners are also optimistic about revenue expectations. Sixty-five percent expect an increase in revenue this year – an 11 percentage-point jump from last spring and higher than 51 percent nationally. In addition, plans for business growth have remained steady for San Francisco entrepreneurs, as nearly 62 percent plan to grow their business over the next five years. This compared favorably to nationwide findings, which dropped significantly in these areas. When asked how they would expand their business in the next 12 months, San Francisco small business owners said they plan to target new industries and customers (40 percent) and hire additional staff (39 percent).</p><p>“Despite rising health care costs and an imminent minimum wage increase in San Francisco, small business owners continue to be confident in their ability to grow their business,” said Emily Shanks, small business western regional executive at Bank of America. “They continue to adapt to changes in the region and express confidence that their revenue will increase in 2016.”</p><p>The survey also found that San Francisco small business owners expressed more confidence than their national counterparts in the local economy. More than half (52 percent) of area business owners anticipate it will improve in the next year, 14 percentage points higher than the national average.</p><p><b>Health care costs on the rise for San Francisco small business owners</b></p><p>Health care continues to loom prominently as an issue of importance for San Francisco entrepreneurs. Fifty-two percent of San Francisco small business owners offer health care coverage, 12 percentage points higher than the national average. In addition, 75 percent say their health care costs went up this year, with 53 percent reporting an increase of up to 20 percent – 12 percentage points higher than the national average and the highest increase reported by any market.</p><p>When asked specifically about top economic concerns for the next year, San Francisco small business owners were most concerned about the “effectiveness of U.S. government leaders” (72 percent), health care costs (64 percent) and interest rates (53 percent).</p><p><b>San Francisco entrepreneurs plan to invest in new equipment with loan funding </b></p><p>Fewer entrepreneurs in San Francisco plan to apply for a loan this year, with only 12 percent reporting they intend to seek funding in 2016, versus 22 percent last spring. Of those who intend to apply for loan funding, San Francisco entrepreneurs are most likely to use it to invest in new equipment (42 percent), hire more employees (37 percent) and invest in new technology (36 percent). Notably, 28 percent of San Francisco small business owners would use funding to invest in creating new products or services – 12 percentage points higher than the national average and highest of any of the nine markets surveyed.</p><p><b>Skill and work experience top hiring factors; education less so</b></p><p>Nearly half (48 percent) of San Francisco small business owners value skill level as the single most important factor when hiring a candidate, followed by previous work experience (28 percent) and fit with company culture (23 percent). Only 1 percent of San Francisco entrepreneurs say education level is the most important factor when hiring.</p><p>When asked to rank the qualities they find most important for prospective employees, 72 percent said they most value candidates who are trustworthy, followed by candidates who are experienced (66 percent) and hardworking (65 percent). Additional characteristics that rose to the top include communication skills (48 percent) and problem solving abilities (48 percent). Tech savvy (35 percent), sales ability (19 percent), and knowledge of STEM (science, technology, engineering and mathematics) (10 percent) were valued less.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Colleen Haggerty, Bank of America, 1.213.621.7414<br /><a href="mailto:colleen.haggerty@bankofamerica.com">colleen.haggerty@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006866 at http://newsroom.bankofamerica.comBank of America Survey Finds Greater Washington Small Business Owners Upbeat About Business and Planning for Growthhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-greater-washington-small-business-ow
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Washington, D.C. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>National and Local Economic Optimism Higher Than National Counterparts</p>
</div>
</div>
</div>
<p>Greater Washington small business owners have a much brighter business outlook than their national counterparts, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>. Seventy-one percent plan to grow their business in the next five years, compared to 55 percent of small business owners nationally. Additionally, 66 percent expect revenue to increase over the next year, compared to the national average of 51 percent.</p><p>According to the report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners around the country, Greater Washington entrepreneurs are also generally more optimistic about both the national and their local economies. Forty-six percent feel confident that the national economy will improve over the next year, 17 percentage points higher than the national average (29 percent). Greater Washington small business owners’ confidence in their local economy also compares favorably to their national counterparts, as the majority (57 percent) expect their local economy to improve, compared to the national average of 38 percent.</p><p>“While small business owners in other parts of the country may have doubts about the economy, Greater Washington small business owners have a much more positive outlook,” said Sean Mitchell, Washington, D.C. small business banker manager at Bank of America. “They still anticipate that they will be able to increase revenue and grow their business in the coming years.”</p><p>While upbeat about their future prospects, Greater Washington small business owners are not ramping up plans to hire. Roughly one-third (35 percent) expect to add staff this year – down 15 percentage points from last year.</p><p><b>Greater Washington small business owners watching the presidential race</b></p><p>Greater Washington small business owners are keeping an eye on election developments and thinking about potential impacts on their businesses. On par with small business owners nationally, 68 percent believe that the presidential election will affect their business “a lot” or “somewhat,” and 55 percent say the same about congressional elections.</p><p>Overall, they have mixed feelings about the way the presidential race will shake out: 27 percent are optimistic, 28 percent are pessimistic, and 45 percent are neutral about how it will affect their businesses.</p><p><b>Top economic concerns </b></p><p>The top economic concern for Greater Washington small business owners is the “effectiveness of U.S. government leaders” (79 percent) – up from last year, but in line with previous election years. Following that, they worry most about health care costs (73 percent) and consumer spending (63 percent).</p><p>Concern has actually declined or plateaued across all other economic factors since spring 2015, including credit availability, the U.S. and/or global stock market, commodities prices and interest rates. </p><p><b>When hiring, skill and work experience most important; education less so</b></p><p>When asked what the most important factor is when hiring, 43 percent of Greater Washington small business owners primarily look for applicants with the appropriate skill level. In addition, 29 percent care most about previous work experience, and 26 percent prioritize fit with company culture. Conversely, only 2 percent of local entrepreneurs say education was the most important factor when looking to hire.</p><p>When Greater Washington entrepreneurs were asked to name the top qualities they value in prospective employees, they said they most appreciate people who are trustworthy (73 percent) and hardworking (70 percent). Additional characteristics that rose to the top were experience (57 percent) and problem solving ability (53 percent).</p><p><b>Greater Washington small business owners staff up on interns</b></p><p>Some call Washington the intern hub of the country – and that may be true for local small businesses as well. Among those local small business owners who hired last year, nearly one in five added interns to their staff. More so than any other market surveyed, 17 percent of Greater Washington small business owners hired interns over the past year, 10 percentage points above the national average.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Matthew Daily, Bank of America, 1.404.607.2844<br /><a href="mailto:matthew.daily@bankofamerica.com">matthew.daily@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006867 at http://newsroom.bankofamerica.comBank of America Survey Finds Metro New York Small Businesses More Cautious on Growth Plans and Hiringhttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-metro-new-york-small-businesses-more
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
New York City </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>NY Entrepreneurs Optimistic About Impacts of Minimum Wage Increase</p>
</div>
</div>
</div>
<p>According to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf"><span style="color:rgb(0, 0, 255)">spring 2016 Bank of America Small Business Owner Report</span></a>, metro New York small business owners expressed greater caution on hiring and business growth this year, citing the upcoming U.S. presidential election as the top factor impacting their business outlook.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in metro New York and around the country, found that local entrepreneurs’ expectations to grow their business over the next five years declined from 64 percent in the spring of 2015 to just 52 percent this year, while plans to hire have fallen from 44 percent to 22 percent. Both figures are among the lowest when compared to counterparts nationwide. </p><p>When asked what is affecting their business outlook for the year, the upcoming U.S. presidential election ranked the highest among various factors at 54 percent, followed by rising interest rates (35 percent) and social crises and violence in the U.S. and abroad (31 percent). Two-thirds of metro New York small business owners expect the election to have “a lot” or “some” impact on their business, with 55 percent expressing uncertainty over what that impact might be.</p><p>“It’s not uncommon for small business owners to take a more cautious, wait-and-see approach to their business strategies during election years,” said Michael Angelone, New York small business banker manager at Bank of America. “The good news is that most New York City entrepreneurs still expect continued revenue growth and remain enthusiastic about their opportunities.” </p><p><b>Economic optimism declines; top concerns are government effectiveness, health care and the stock markets</b></p><p>The report found just 40 percent of New York City small business owners believe the national economy will improve in the next year, down 11 percentage points from spring 2015. They are slightly more optimistic about the local economy, with 46 percent expecting it to improve.</p><p>The top economic concern for metro New York small business owners is the “effectiveness of U.S. government leaders” (74 percent), which follows a similar trend to past election years (68 percent in spring 2012). Among other economic factors, New York small business owners worry most about health care costs (72 percent) and the U.S. and/or global stock market (61 percent).</p><p><b>New Yorkers optimistic about impact of minimum wage increase </b></p><p>With the minimum wage in New York City due to rise from $9 an hour to $15 at the end of 2019, 65 percent of New York small business owners believe the increase will have a positive impact on the economy, 18 percentage points above the national average. Fifty-nine percent report they will take financial measures to compensate for higher earnings for workers, with the most commonly cited measures including increasing the price of products or services (26 percent), reducing operational spending (21 percent) and cutting technology investments (13 percent).</p><p><b>Skill and work experience top hiring factors; education less so</b></p><p>Nearly half (49 percent) of New York City entrepreneurs say skill level is the single most important factor when hiring, followed by previous work experience (28 percent) and fit with company culture (17 percent). Only 6 percent say education level is the most important factor when considering a job candidate.</p><p>When metro New York entrepreneurs ranked qualities they find most important for their employees to exhibit, they most value candidates who are trustworthy (66 percent) and hardworking (62 percent). Additional top characteristics include experience (58 percent), strong communication skills (42 percent) and problem solving (42 percent). Sales ability (20 percent) and knowledge of STEM (science, technology, engineering and mathematics) (14 percent) were valued less.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Tara Burke, Bank of America, 1.203.292.6590<br /><a href="mailto:tara.a.burke@bankofamerica.com">tara.a.burke@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006868 at http://newsroom.bankofamerica.comBank of America Survey Finds Los Angeles Small Business Owners More Upbeat About Business Growth, Revenue and Hiring Than Peers Nationwidehttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-los-angeles-small-business-owners-mo
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Los Angeles </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>National and Local Economic Confidence Down</p>
</div>
</div>
</div>
<p>Los Angeles small business owners are much more confident in their ability to grow their business and increase revenue when compared with entrepreneurs in the rest of the country, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Los Angeles and around the country, found that:</p><ul><li><p>Sixty-four percent plan to grow their business over the next five years, versus the national average of 55 percent.</p></li><li><p>Sixty-one percent expect to increase their revenue over the next 12 months, versus the national average of 51 percent.</p></li><li>Thirty-three percent plan to hire new staff this year, compared to 22 percent nationally.</li></ul><p><br />Despite the general optimism about their business, the report found declining confidence in both the national and their local economies. Only 29 percent feel confident that the national economy will improve over the next 12 months, compared with 57 percent in spring 2015. Additionally, 40 percent of Los Angeles small business owners are confident their local economy will improve over the next 12 months, compared with 61 percent one year ago.</p><p>“There is an interesting divide among Los Angeles entrepreneurs with respect to the low level of optimism about the national economy and more upbeat outlook they have for their own businesses,” said Troy Bosch, Los Angeles small business banker manager at Bank of America. “The election year conversation, as we’ve seen in previous years, can contribute to greater uncertainty on national issues, such as the economy, even if optimism is high about business growth closer to home.”</p><p><b>Keeping a close eye on the election <br /></b></p><p>Sixty-three percent of Los Angeles small business owners believe the upcoming presidential election will have an impact on their business “a lot” or “somewhat.” Overall, they have mixed feelings about how the presidential race will shake out: 18 percent are optimistic, 25 percent are pessimistic, and 56 percent are neutral about how it will affect their businesses.</p><p>The election year issues they are most concerned about from a business perspective this year include taxes (70 percent), the economy and job growth (67 percent) and health care policy (56 percent).</p><p><b>How LA entrepreneurs would adjust to a minimum wage increase<br /></b></p><p>As Los Angeles prepares for a $15 per hour minimum wage by 2020, 64 percent of Los Angeles small business owners say they will need to take financial measures to compensate for an increase. The most common measures cited include: raising the price of products or services (26 percent), reducing operational spending (19 percent), and cutting staff hours (18 percent).</p><p><b>Using loan funding to hire more staff and invest in new technology<br /><br /></b>Fewer entrepreneurs in Los Angeles intend to apply for a loan this year, with 17 percent reporting they plan to seek funding in 2016, down from 24 percent a year ago. However, this compares favorably with only 9 percent of small business owners nationwide planning to apply for a loan this year. Those who will seek funding intend to hire more employees (49 percent), invest in new technology (44 percent), expand operations (35 percent) and buy new equipment (34 percent).</p><p><b>Skill and work experience top hiring factors, education less so </b></p><p>Nearly half (48 percent) report that skill level is the single most important factor when hiring, followed by fit with company culture (27 percent) and previous work experience (22 percent). Only 3 percent of LA entrepreneurs say education level is the most important factor when hiring a candidate.</p><p>When Los Angeles entrepreneurs ranked qualities that are most important for their employees to exhibit, 75 percent said they most value candidates who are trustworthy and dependable. Seventy-three percent value candidates who are hardworking, and 63 percent value experience.</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Colleen Haggerty, Bank of America, 1.213.621.7414<br /><a href="mailto:colleen.haggerty@bankofamerica.com">colleen.haggerty@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006869 at http://newsroom.bankofamerica.comBank of America Survey Finds Miami Small Business Owners More Upbeat About Business Growth, Revenue and Hiring Than Peers Nationwidehttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-miami-small-business-owners-more-upb
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Miami </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Miami Entrepreneurs Express Highest Confidence Levels in the Economy</p>
</div>
</div>
</div>
<p>Miami small business owners’ confidence remains high this spring, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, which found that 71 percent believe their revenue will increase over the next year – higher than any market surveyed and 20 percentage points higher than the national average.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Miami and around the country, also found that their outlook on business growth and hiring plans is healthy, with 71 percent planning to grow their business over the next five years. Hiring projections were stronger than any other market surveyed, with 47 percent of Miami entrepreneurs planning to hire new employees in 2016.</p><p>“Unlike their counterparts in the rest of the country who expressed election year uncertainty, Miami small business owners are very optimistic about their business prospects,” said Odalis Martinez, Miami small business banker manager at Bank of America. “Miami entrepreneurs are confident in the future ‒ growth and hiring plans remain steady, and expectations for revenue increases are strong.”</p><p>The survey found that Miami small business owners remain increasingly positive about the prospects for their economy improving over the next year, and the most optimistic of any city surveyed:</p><ul><li><p>Sixty-five percent are optimistic their local economy will improve.</p></li><li><p>Fifty-six percent are optimistic the national economy will improve.</p></li><li>Forty-six percent are optimistic the global economy will show improvement.</li></ul><p> </p><p><b>Top concerns impacting Miami small business owners </b></p><p>Despite the optimism about prospects for growth, the election year is creating some uncertainty for Miami small business owners. Seventy-nine percent believe the presidential election will impact their business “a lot” or “somewhat,” 12 percentage points higher than the national average. When asked specifically about top economic concerns for the next year, Miami-area small business owners were most concerned about the “effectiveness of U.S. government leaders” (74 percent) – in line with previous election years</p><p>Closely following, other top concerns for Miami entrepreneurs were health care costs (73 percent) and the strength of the U.S. dollar (63 percent). Despite these concerns, Miami small business owners’ anxiety about several other economic factors has declined or remained flat since spring 2015. Concern over corporate tax rates has dropped by 10 percentage points, while credit availability, commodities prices and consumer spending have also declined. </p><p><b>Miami entrepreneurs plan to hire, invest in new equipment with loan funding </b></p><p>Miami entrepreneurs continue to seek capital for their business, as 29 percent have applied for a loan in the last two years and 24 percent report they intend to seek funding in 2016; both findings are significantly higher than the national average. Of those who intend to apply for a loan, Miami small business owners are most likely to use the funding to hire more employees (49 percent), invest in new equipment (42 percent), and invest in new technology (24 percent).</p><p><b>Skill and work experience top hiring factors; education less so</b></p><p>Forty percent report they care most about skill level when hiring a candidate, followed by fit with company culture (30 percent) and previous work experience (28 percent). Only 1 percent of Miami entrepreneurs say education level is the most important factor when hiring.</p><p>When Miami entrepreneurs ranked qualities they find most important for their employees to exhibit, 60 percent said they most value candidates who have experience. Fifty-seven percent value candidates who are trustworthy and hardworking (53 percent). Logical thinking (36 percent), sales ability (22 percent) and knowledge of STEM (science, technology, engineering and mathematics) (10 percent) were valued less. </p><p>When asked which generation of workers they prefer to hire, Miami small business owners favor millennials (44 percent) ‒ 18 percentage points higher than their national counterparts and the highest of any market surveyed. Forty-two percent prefer to hire Generation X, and 1 percent would prefer to hire baby boomers ‒ the lowest of any of the nine markets surveyed.</p><p><b>Health care costs and minimum wage increase remain important issues </b></p><p>Health care continues to loom prominently as an issue of importance for small business owners in Miami, with 71 percent experiencing rising costs year over year. In addition, 44 percent of Miami small business owners report an increase in health care costs of up to 20 percent since last year, and 26 percent say costs went up by more than 20 percent. Forty-seven percent offer health insurance to their employees ‒ 7 percentage points higher than the national average.</p><p>As Miami considers a potential minimum wage increase from its current $7.93 per hour, 66 percent of Miami small business owners believe an increase would have a positive impact on the economy, compared with 47 percent of their national counterparts. Despite this encouraging outlook, 75 percent say they will need to take financial measures to compensate for an increase in the minimum wage. Thirty-nine percent of Miami-area business owners would increase the price of products and services in order to compensate, while others would make some full-time employees part-time (18 percent) or reduce operational spending (15 percent).</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Matthew Daily, Bank of America, 1.404.607.2844<br /><a href="mailto:matthew.daily@bankofamerica.com">matthew.daily@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006870 at http://newsroom.bankofamerica.comBank of America Survey Finds Atlanta Small Business Owners More Upbeat About the Economy Than Their National Counterpartshttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-atlanta-small-business-owners-more-u
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
Atlanta </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p>Local Entrepreneurs Take Wait-and-See Approach to Hiring and Growth</p>
</div>
</div>
</div>
<p>Atlanta small business owners show greater confidence in the economy than their national counterparts, according to the <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf"><span style="color:rgb(0, 0, 255)">spring 2016 Bank of America Small Business Owner Report</span></a>. Thirty-seven percent of local entrepreneurs believe the national economy will improve over the next 12 months, compared with 29 percent nationally, and 48 percent expect their local economy to improve – 10 percentage points higher than the national average.</p><p>The report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in Atlanta and around the country, also found that the upcoming presidential election is causing uncertainty. Seventy-two of Atlanta entrepreneurs say they expect the upcoming presidential election to impact their business “a lot” or “somewhat,” compared with 67 percent nationally.</p><p>“Although more confident in the economy than their national counterparts, Atlanta small business owners are taking a wait-and-see approach to their business growth and hiring plans pending the outcome of the fall elections,” said Dean Bird, Atlanta small business banker manager at Bank of America. “This sentiment is similar to what we’ve seen in previous election years and is in line with their counterparts across the country. Despite this election year uncertainty, Atlanta-area entrepreneurs remain positive about the future of their businesses.”</p><p>While the majority of Atlanta small business owners plan to grow their business over the next five years (65 percent) and expect their revenue to increase over the next 12 months (58 percent), these projections are down from 72 percent and 65 percent in spring 2015, respectively. Hiring projections have also cooled, with only 32 percent of local entrepreneurs planning to hire new employees in 2016, compared with 51 percent last year. However, this number is still 10 percentage points higher than the national average.</p><p><b>Top economic concerns for Atlanta small business owners</b></p><p>Atlanta small business owners expressed increasing concern for a number of economic factors. Seventy-eight percent of local entrepreneurs are concerned about the “effectiveness of U.S. government leaders,” and 51 percent are concerned about the volatility of the U.S. and/or global stock market, both increases since last spring</p><p>Health care costs also continue to loom prominently as an issue of importance for Atlanta-area business owners, with 78 percent expressing concern about rising costs. Currently, only 34 percent of Atlanta entrepreneurs offer health care coverage to their employees – 6 percentage points lower than the national average and the lowest of the nine cities surveyed.</p><p>Despite these worries, a number of economic concerns have calmed over the past 12 months, showing that optimism has improved for Atlanta small business owners in some areas. Concern over interest rates (54 percent) and consumer spending (55 percent) have declined year over year. Furthermore, concern surrounding credit availability has fallen by 11 percentage points since last spring.</p><p><b>Minimum wage increase worries Atlanta entrepreneurs, many hiring full-time workers</b></p><p>Thirty-one percent of Atlanta small business owners pay their employees either the Georgia minimum wage of $5.15 or federal minimum of $7.25. The majority (56 percent) of Atlanta small business owners ‒ more than any other city surveyed – don’t believe a minimum wage increase would positively impact the economy. If the minimum wage is raised, 63 percent of Atlanta small business owners say they would need to take financial measures to compensate, including increasing the price of products and services (25 percent), reducing operational spending (18 percent), and cutting staff hours (15 percent).</p><p>While many small business owners nationwide seem to be shifting to a part-time model, Atlanta entrepreneurs are the least likely to hire part-time employees compared with other cities surveyed. Instead, 59 percent plan to hire full-time workers over the next 12 months – 8 percentage points higher than the national average. In addition, 41 percent plan to hire part-time employees and 32 percent plan to hire freelancers.</p><p><b>Skill and work experience top hiring factors; education less so</b></p><p>Half of Atlanta small business owners say that skill level is the single most important factor when hiring a potential candidate, followed by fit with company culture (27 percent) and previous work experience (22 percent). Only 2 percent say that education level is the most important factor when hiring.</p><p>When Atlanta entrepreneurs were asked to name the top qualities they value in prospective employees, 73 percent said they most value trustworthiness, followed by candidates who are hardworking (70 percent) and experienced (61 percent).</p><p>For a complete, in-depth look at the insights of the nation’s small business owners, read the entire <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Spring_2016.pdf">spring 2016 Bank of America Small Business Owner Report</a>, and for additional insights, download the Small Business Owner Report <a href="http://newsroom.bankofamerica.com/files/press_kit/additional/Spring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf">national infographic</a>.</p><p></p><p><br />About the Bank of America Small Business Owner Report<br />GfK Public Affairs and Corporate Communications conducted the spring 2016 Bank of America Small Business Owner Report survey online between March 17 and April 19, 2016 using a pre-recruited online sample of small business owners. GfK contacted a national sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, a total of 300 small business owners were also surveyed in nine target markets: Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results were weighted to national benchmark standards for size, revenue, and region. Previous waves of the Small Business Owner Report survey were conducted by telephone. Best efforts were made to replicate processes in sample, weighting, and method.</p><p>Bank of America<br />Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.</p><p>Visit the Bank of America newsroom for more <a href="http://newsroom.bankofamerica.com/">Bank of America news</a>.</p><p align="center"><a href="http://www.bankofamerica.com/">www.bankofamerica.com</a></p><p align="center">###</p><p>Reporters May Contact:<br />Matthew Daily, Bank of America, 1.404.607.2844<br /><a href="mailto:matthew.daily@bankofamerica.com">matthew.daily@bankofamerica.com</a></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
Small Business BankingTue, 24 May 2016 13:00:00 +00006871 at http://newsroom.bankofamerica.comBank of America Survey Finds Small Business Owners’ Confidence Down While Election-Year Anxiety Riseshttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-small-business-owners-confidence-dow
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
CHARLOTTE, N.C. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p> Political Uncertainty Gives Small Business Owners Pause on Hiring and Growth Plans </p>
</div>
</div>
</div>
<p>
Small business owners’ confidence in the national economy is down,
according to the <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Spring_2016.pdf&esheet=51333295&newsitemid=20160503005363&lan=en-US&anchor=spring+2016+Bank+of+America+Small+Business+Owner+Report&index=1&md5=50af7293c948ea48503ec3e9e8457884" rel="nofollow">spring
2016 Bank of America Small Business Owner Report</a>, which found that
only 29 percent of small business owners feel confident that the
national economy will improve over the next year – a sharp drop from a
year ago.
</p>
<p>
The report, based on a semi-annual survey of 1,000 small business owners
across the country, suggests that the upcoming presidential and
congressional elections are having a sizable influence on the outlook of
small business owners. Sixty-seven percent believe that the upcoming
presidential election will affect their business “a lot” or “somewhat,”
while 53 percent believe congressional elections will have an impact.
</p>
<p>
Nearly four in five say they are concerned about the “effectiveness” of
U.S. government leaders, which was higher than last year, but in line
with previous election year results in 2012 and 2014. At the same time,
concern for nearly all other economic factors, including commodities
prices, interest rates and credit availability, is down, with the
exception of U.S. and/or global stock market and health care costs.
</p>
<p>
“Our survey suggests that uncertainty over the upcoming elections is
making small business owners less optimistic about their businesses and
the economy than in recent years,” said Robb Hilson, Small Business
executive, Bank of America. “As a result, they’re taking a wait-and-see
approach before making major investments in the growth of their
businesses. We also see this trend when it comes to hiring, as the
majority of small business owners we surveyed this spring plan to keep
the same number of employees over the next 12 months, perhaps suggesting
they are waiting until after the election to reassess hiring plans.”
</p>
<p>
<b>Modest growth plans compared to previous years</b>
</p>
<p>
Consistent with the report’s findings about the economy, small business
owners’ outlook on revenue growth and hiring plans has also slowed.
Fifty-one percent expect their revenue to grow over the next 12 months,
down from previous years, while 40 percent project revenue will remain
flat. Hiring projections have cooled as well, with only 22 percent of
small business owners planning to hire new employees in 2016.
</p>
<p>
In addition, fewer small business owners plan to apply for a loan, with
only 9 percent reporting they intend to seek funding in 2016. The top
reasons cited for needing a loan this year include investing in new
equipment (34 percent), expanding operations (22 percent), and hiring
more employees (22 percent).
</p>
<p>
<b>Small business owners voting with their wallets in mind</b>
</p>
<p>
As they prepare to cast their votes, small business owners are taking
into account both personal and business considerations. Approximately
one-third gave more weight to their personal views, while 15 percent
approach voting from more of a business perspective. Fifty-one percent
take both into consideration evenly.
</p>
<p>
For those who vote primarily from their small business owner
perspective, the top issues about which they’re concerned are taxes (68
percent), the economy and job growth (67 percent), and health care
policy (55 percent). Priorities are similar for those voting from a
personal perspective: health care policy (59 percent), taxes (57
percent), and the economy and job growth (50 percent).
</p>
<p>
<b>Skills and character most important factors when hiring job candidates</b>
</p>
<p>
The face of the small business workforce is changing: Forty percent of
small business owners do not regard a college degree as important when
evaluating job applicants. Nearly half (49 percent) report that skill
level is now the single most important factor in hiring, followed by fit
with company culture (24 percent) and previous work experience (24
percent).
</p>
<p>
In general, small business owners favor candidates who are trustworthy
(75 percent), hardworking (70 percent) and experienced (57 percent).
Sales ability (28 percent), tech savviness (27 percent) and knowledge of
STEM (science, technology, engineering and mathematics) (12 percent) are
less important in evaluating candidates.
</p>
<p>
While large companies, and in particular technology companies, have been
challenged to fill science, technology and engineering positions, 63
percent of small business owners say they do not have trouble finding
workers with the technical skills needed to perform jobs at their
companies. However, for the 33 percent of small business owners who
believe a skills gap exists, they are overcoming the challenge by
rolling up their sleeves and taking on more tasks themselves (49
percent) versus offering training programs (32 percent) or relocation
benefits (5 percent).
</p>
<p>
<b>Health care concerns rank high as costs rise</b>
</p>
<p>
Health care continues to loom prominently as an issue of importance for
small business owners. Nearly three-quarters are concerned about the
cost of health care, and the topic ranks second as an election-year
issue about which they care most. Forty percent of small businesses
currently offer health insurance to their employees, including 39
percent of those with fewer than 50 employees who are not required to do
so. Sixty-nine percent say their health care costs went up this year,
with 41 percent reporting an increase of up to 20 percent. Twenty-nine
percent say costs went up by more than 20 percent, and 5 percent report
they have doubled.
</p>
<p>
<b>Most small businesses would need to adjust to a minimum wage increase</b>
</p>
<p>
In the midst of a national debate over the minimum wage, and as
individual states have enacted their own increases, 57 percent of small
business owners say they would need to take financial measures to adjust
for an increase. Of those, the most commonly cited action would be to
increase the price of products and services (23 percent). Only small
numbers believe an increase would affect their current business
operations, whether it be changes to personnel management - cutting
hours (15 percent) or staff (13 percent) - operational spending (15
percent) or technology investments (7 percent).
</p>
<p>
<b>Generational differences in outlook and hiring</b>
</p>
<p>
Interestingly, Generation X (Gen X) is more confident in the national
economy improving (41 percent) than either millennials (34 percent) or
baby boomers (28 percent).
</p>
<p>
Conversely, millennials see the outlook for their small businesses this
year in a much rosier light, with 81 percent expecting revenue growth –
16 percentage points more than Gen X (65 percent) and 35 percentage
points more than boomers (46 percent). All are equally concerned about
the impact of the 2016 elections.
</p>
<p>
Millennials’ hiring outlook is also more robust, with 48 percent
reporting they plan to hire, compared to just 34 percent of Gen Xers and
19 percent of boomers. The importance of a college degree in hiring is
almost equally low across all generations (important for just 39 percent
of millennials, 38 percent of Gen X and 29 percent of boomers). Among
all small business owners, there is a preference for hiring Gen-X
employees (47 percent) over millennials (26 percent) and baby boomers (8
percent). Split generationally, however, millennials choose their age
group over any other, with 61 percent preferring to hire 18- to
34-year-olds.
</p>
<p>
For a complete, in-depth look at the insights of the nation’s small
business owners, read the entire <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Spring_2016.pdf&esheet=51333295&newsitemid=20160503005363&lan=en-US&anchor=spring+2016+Bank+of+America+Small+Business+Owner+Report&index=2&md5=c9b94452040d44df47d6b15f6299c21e" rel="nofollow">spring
2016 Bank of America Small Business Owner Report</a>, and for additional
insights, download the Small Business Owner Report national infographic <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSpring_2016_Small_Business_Owner_Report_Infographic_-_National.pdf&esheet=51333295&newsitemid=20160503005363&lan=en-US&anchor=here&index=3&md5=2669d7ddd52cd3aece9ccbd66fecfb55" rel="nofollow">here</a>.
</p>
<p>
Bank of America Small Business Owner Report<br />GfK Public Affairs &
Corporate Communications conducted the Bank of America Small Business
Owner Report Survey for spring of 2016 online between March 17 and April
19, 2016 using pre-recruited online sample of small business owners. GfK
contacted a national sample of 1,000 small business owners in the United
States with annual revenue between $100,000 and $4,999,999 and employing
between 2 and 99 employees. In addition, a total of 300 small business
owners were also surveyed in nine target markets: Los Angeles, Dallas,
Washington, D.C., New York, Boston, Chicago, San Francisco, Atlanta and
Miami. The final results were weighted to national benchmark standards
for size, revenue, and region. Previous waves of the Small Business
Owners Report survey were conducted by telephone. Best efforts were made
to replicate processes in sample, weighting, and method.
</p>
<p>
Bank of America<br />Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with approximately 33 million active users and
approximately 20 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto
Rico and more than 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
</p>
<p>
Visit the Bank of America newsroom for more <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&esheet=51333295&newsitemid=20160503005363&lan=en-US&anchor=Bank+of+America+news&index=4&md5=2ce0d97bfe7522246b9f6f726ba2ae8b" rel="nofollow">Bank
of America news</a>, and click <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Falerts&esheet=51333295&newsitemid=20160503005363&lan=en-US&anchor=here&index=5&md5=d1c56afddf334ef92412f8d794a558ce" rel="nofollow">here</a>
to register for news email alerts.
</p>
<p class="bwalignc">
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com&esheet=51333295&newsitemid=20160503005363&lan=en-US&anchor=www.bankofamerica.com&index=6&md5=3d8b4b07acb3e7f11c56618876bff980" rel="nofollow">www.bankofamerica.com</a>
</p>
<p class="bwalignc">
</p>
<p><img alt="" src="//cts.businesswire.com/ct/CT?id=bwnews&sty=20160503005363r1&sid=hq1sc1&distro=nx&lang=en" /><span class="bwct31415"/></span></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-contact-html field-fieldpressreleasecontacthtml">
<div class="field-label">Contact: </div>
<div class="field-items">
<div class="field-item odd">
<p> Reporters May Contact:<br />Don Vecchiarello, Bank of America, 1.980.387.4899<br /><a href="mailto:don.vecchiarello@bankofamerica.com">don.vecchiarello@bankofamerica.com</a> </p> </div>
</div>
</div>
<div class="field field-type-newsml-stock field-field-press-release-ticker-slug field-fieldpressreleasetickerslug">
<div class="field-label">Ticker Slug: </div>
<div class="field-items">
<div class="field-item odd">
<div class="clear-block"> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Ticker:</div> <div class="newsml-stock-symbol newsml-stock-field-value">BAC</div> </div> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Exchange:</div> <div class="newsml-stock-market newsml-stock-field-value">NYSE</div> </div></div> </div>
</div>
</div>
<div class="field field-type-link field-field-press-release-sm-profile field-fieldpressreleasesmprofile">
<div class="field-items">
<div class="field-item odd">
<a href="https://www.facebook.com/BankofAmerica">Organization,Facebook,Bank of America on Facebook</a> </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-twit-handle field-fieldpressreleasetwithandle">
<div class="field-items">
<div class="field-item odd">
@BofA_News </div>
</div>
</div>
Small Business BankingTue, 03 May 2016 13:00:00 +00006770 at http://newsroom.bankofamerica.comTory Burch Foundation and Bank of America Double Investment in Capital Program Supporting Women Business Ownershttp://newsroom.bankofamerica.com/press-releases/community-development/tory-burch-foundation-and-bank-america-double-investment-capita
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
CHARLOTTE, N.C. </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p> Increased Program Funding and Market Expansion to Georgia, Arizona, New Mexico and Colorado Will Connect More Women Entrepreneurs to Affordable Loans </p>
</div>
</div>
</div>
<p>
Bank of America today announced that it is doubling its investment in
the Tory Burch Foundation Capital Program (formerly Elizabeth Street
Capital) to connect more women small business owners to affordable
capital through community development financial institutions (CDFIs).
Since the Tory Burch Foundation Capital Program was announced in January
2014, $10 million has been loaned to women entrepreneurs during that
two-year timeframe. The bank will increase program funding to $20
million for loans in 2016 and 2017.
</p>
<p>
“Women business owners are a critical component of sustainable economic
growth,” said Anne Finucane, vice chairman, Bank of America. “Our
partnership with the Tory Burch Foundation demonstrates the power of
shared success – providing capital that helps women entrepreneurs grow
their businesses, in turn helping local economies thrive.”
</p>
<p>
The program has also expanded to four additional states with two new
CDFI partners – Georgia (Access to Capital for Entrepreneurs – ACE),
Arizona, Colorado and New Mexico (Accion New Mexico). In addition, CDFIs
participating in the capital program will be able to offer a 2 percent
interest rate reduction on loans for qualifying borrowers.
</p>
<p>
Tory Burch, founder of the Tory Burch Foundation, said, “Women
entrepreneurs face many obstacles, including access to capital. We are
thrilled by the continued commitment of Bank of America to our mission,
including this extraordinary, additional investment. By investing in
women, we are strengthening families and communities, creating jobs and
helping to power economic growth. We know that when women succeed, we
all succeed.”
</p>
<p>
Launched in 2014, the Tory Burch Foundation Capital Program is a
partnership between Bank of America and the Tory Burch Foundation that
aims to increase the number and size of businesses owned and led by
women, creating communities of women entrepreneurs. The program connects
women business owners with affordable loans that are administered
through local CDFIs, which provide capital and financial services to
underserved markets and populations, including women entrepreneurs. Bank
of America is the largest investor in CDFIs, with more than $1 billion
in investments to more than 240 CDFI partners across the U.S.
</p>
<p>
The program has been launched in 17 states, including California,
Florida, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Jersey,
New York, North Carolina, Pennsylvania, South Carolina, Texas, and the
four additional markets announced today (Georgia, New Mexico, Colorado
and Arizona). CDFI partners have disbursed $10 million in affordable
loans to nearly 300 women entrepreneurs in a range of industries,
including hospitality, home improvement, fashion, and child care.
</p>
<p>
The Tory Burch Foundation Capital Program has enabled business owner and
chocolatier Andréa Pedraza and her daughter, Cindy, to grow their
business, CocoAndré, into the first women-occupied, owner-owned,
Hispanic business in Dallas’ Oak Cliff neighborhood. Administered
through CDFI PeopleFund in Texas, the program has been more than a
source of financial capital for the Pedrazas – it has become a mechanism
through which they can reinvest in their families and their communities,
with Andréa noting: “Our husbands and the people in our neighborhood are
proud of the fact that we are Hispanic women who own a business. We have
seen a lot of support and returning customers – people who have made our
chocolates a part of their holidays and traditions, and who want to see
us succeed.”
</p>
<p>
“Women entrepreneurs seeking capital are more likely to be turned down
for loans than men, with only one in 23 dollars in loans going to a
woman,” said Laurie Fabiano, president of the Tory Burch
Foundation. “Women need to be connected to sources that they may not
know about. This is why we created the capital program, and we are
thrilled to expand our impact.”
</p>
<p>
Bank of America’s partnership with the Tory Burch Foundation
demonstrates a shared commitment to advancing women’s economic
empowerment by connecting women entrepreneurs to the capital they need
to succeed. By developing women within the company, creating products
and strategies that meet women’s needs, and supporting women leaders
globally, Bank of America is championing women’s economic advancement
around the world.
</p>
<p>
For more information, please visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com%2Ftoryburchfoundation&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=www.bankofamerica.com%2Ftoryburchfoundation&index=1&md5=6241534067d9baabfd67210cd0b60de3" rel="nofollow">www.bankofamerica.com/toryburchfoundation</a>
or <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ToryBurchFoundation.org&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=www.ToryBurchFoundation.org&index=2&md5=8c855700de021471dd42645674e47335" rel="nofollow">www.ToryBurchFoundation.org</a>.
</p>
<p>
Tory Burch Foundation<br />The Tory Burch Foundation empowers women
entrepreneurs by providing access to capital, education programs and
networking. For more information and resources for women entrepreneurs,
visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ToryBurchFoundation.org&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=www.ToryBurchFoundation.org&index=3&md5=a5998706c9f9005a240636083babf489" rel="nofollow">www.ToryBurchFoundation.org</a>.
Follow the Tory Burch Foundation on <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.instagram.com%2Ftoryburchfoundation%2F&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=Instagram&index=4&md5=0d34996259573961794db536af4c3708" rel="nofollow">Instagram</a>,
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.facebook.com%2Ftoryburchfoundation&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=Facebook&index=5&md5=87859bf713153b790164c9e3e162e5a5" rel="nofollow">Facebook</a>,
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Ftoryburchfoundation&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=LinkedIn&index=6&md5=5cabe2a67073332b56918c7eb160d7ed" rel="nofollow">LinkedIn</a>
and <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Ftoryburchfdn&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=Twitter&index=7&md5=094b8a020487a95a09aaee525f4850c8" rel="nofollow">Twitter</a>
with the hashtag #ToryBurchFoundation.
</p>
<p>
Bank of America<br />Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with approximately 32 million active users and
approximately 19 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto
Rico and more than 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
</p>
<p>
Visit the Bank of America newsroom for more <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=Bank+of+America+news&index=8&md5=7215bf2b07797cbb22729d9fa50dad9c" rel="nofollow">Bank
of America news</a>, and click <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Falerts&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=here&index=9&md5=2c9167b6b4d9e737fb48935a82be7c0b" rel="nofollow">here</a>
to register for news email alerts.
</p>
<p class="bwalignc">
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com&esheet=51318868&newsitemid=20160413005306&lan=en-US&anchor=www.bankofamerica.com&index=10&md5=107c4ff3b49b9d333fc9b884315f23da" rel="nofollow"><b>www.bankofamerica.com</b></a>
</p>
<p class="bwalignc">
</p>
<p><img alt="" src="//cts.businesswire.com/ct/CT?id=bwnews&sty=20160413005306r1&sid=hq1sc1&distro=nx&lang=en" /><span class="bwct31415"/></span></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-contact-html field-fieldpressreleasecontacthtml">
<div class="field-label">Contact: </div>
<div class="field-items">
<div class="field-item odd">
<p> Reporters May Contact:<br />Noelle Bell, Bank of America, 1.980.388.6791<br /><a href="mailto:noelle.bell@bankofamerica.com">noelle.bell@bankofamerica.com</a><br />Frances Pennington, SVP Global PR & Brand Communications<br /><a href="mailto:fpennington@toryburch.com">fpennington@toryburch.com</a><br />or<br />Kerry-Lynne Carrera, Tory Burch<br /><a href="mailto:kcarrera@toryburch.com">kcarrera@toryburch.com</a> </p> <p> </p> </div>
</div>
</div>
<div class="field field-type-newsml-stock field-field-press-release-ticker-slug field-fieldpressreleasetickerslug">
<div class="field-label">Ticker Slug: </div>
<div class="field-items">
<div class="field-item odd">
<div class="clear-block"> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Ticker:</div> <div class="newsml-stock-symbol newsml-stock-field-value">BAC</div> </div> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Exchange:</div> <div class="newsml-stock-market newsml-stock-field-value">NYSE</div> </div></div> </div>
</div>
</div>
<div class="field field-type-link field-field-press-release-sm-profile field-fieldpressreleasesmprofile">
<div class="field-items">
<div class="field-item odd">
<a href="https://www.facebook.com/BankofAmerica">Organization,Facebook,Bank of America on Facebook</a> </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-twit-handle field-fieldpressreleasetwithandle">
<div class="field-items">
<div class="field-item odd">
@BankofAmerica </div>
</div>
</div>
Community DevelopmentSmall Business BankingWed, 13 Apr 2016 14:00:00 +00006680 at http://newsroom.bankofamerica.comBank of America Survey Finds Los Angeles Small Business Owners Are Ramping up Hiring Despite Concerns Over Minimum Wage Hikeshttp://newsroom.bankofamerica.com/press-releases/small-business-banking/bank-america-survey-finds-los-angeles-small-business-owners-ar
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
LOS ANGELES </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p> Local Entrepreneurs Plan for a Robust 2016 </p>
</div>
</div>
</div>
<p>
While Los Angeles small business owners are concerned about minimum wage
hikes, they are very optimistic about revenue growth and many have plans
to hire in 2016, according to the <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Fall_2015.pdf&esheet=51226011&newsitemid=20151117005695&lan=en-US&anchor=fall+2015+Bank+of+America+Small+Business+Owner+Report&index=1&md5=678b490517b14094953e48afd88bb24b" rel="nofollow">fall
2015 Bank of America Small Business Owner Report</a>, a semi-annual
study exploring the concerns, aspirations and perspectives of small
business owners in Los Angeles and around the country.
</p>
<p>
Following a minimum wage vote that passed in Los Angeles this summer,
area small business owners are expressing greater concern over its
impact: 40 percent expressed concern over minimum wage increases,
compared to 35 percent of small business owners nationwide. Los Angeles
small business owners are also concerned about potential interest rate
hikes (40 percent) and the outcome of the upcoming U.S. presidential
election (37 percent).
</p>
<p>
Despite these concerns, Los Angeles owners are planning to hire more
than ever before and are confident about revenue growth in 2016, with 68
percent expecting revenues to increase over the next 12 months.
Additionally, 62 percent of Los Angeles-area small businesses plan to
hire in the upcoming year, more than double what it was two years ago
and the highest since the inception of the report in 2012.
</p>
<p>
“Los Angeles small business owners realize that talent is the backbone
of any successful business,” said Troy Bosch, Los Angeles small business
banker manager at Bank of America. “Despite their reticence over minimum
wage increases, Los Angeles small business owners continue to prioritize
hiring, which will fuel success within their business and across the
entire community.”
</p>
<p>
<b>While confidence in business grows, local economic optimism dips</b><br />In
contrast to increased confidence in their businesses, Los Angeles small
business owners report decreased confidence in their local economy: Just
over half (53 percent) believe it will improve in the next year, a
decrease of 9 percentage points from a year ago. Los Angeles was the
only market surveyed that saw a decline in local economic confidence.
Confidence in the national economy is flat from a year ago (48 percent
in fall 2015, versus 47 percent in fall 2014). However, optimism around
the global economy has increased from a year ago, with 33 percent saying
it will improve, compared to 29 percent last year.
</p>
<p>
Tempering confidence in the economy are a few concerns beyond minimum
wage hikes. These include:
</p>
<ul>
<li class="bwlistitemmargb">
The effectiveness of U.S. government leaders (73 percent).
</li>
<li class="bwlistitemmargb">
Health care costs (69 percent).
</li>
<li class="bwlistitemmargb">
Interest rate increases (59 percent).
</li>
<li class="bwlistitemmargb">
Strength of the U.S. dollar (56 percent).
</li>
</ul>
<p>
<b>Los Angeles small business owners embrace workplace 2.0</b><br />Los
Angeles area small business owners are paving the way for more
collaborative, tech-friendly and flexible work environments. For
example, most (89 percent) report technology helps boost their business.
Nearly as many (84 percent) report that technology practices have helped
to better serve customers and expressed willingness to adopt new
technologies in the future.
</p>
<p>
Collaboration is becoming increasingly important to area business
owners, with 39 percent saying their workplace has become more focused
on teamwork in the past five years. Collaboration is increasing even as
employers are offering more flexible work arrangements, including
telecommuting options (45 percent), which nearly half of small business
owners (48 percent) say improve employee attitudes at work.
</p>
<p>
Area small business owners are beginning to offer nontraditional perks
as well, including areas to relax and unwind such as nap pods or game
rooms (20 percent), transportation stipends (19 percent) or the ability
to bring pets to work (17 percent).
</p>
<p>
<b>Cybersecurity raises concerns; Los Angeles small businesses preparing</b><br />Although
14 percent of Los Angeles small business owners have been the victim of
a cybersecurity breach, nearly two-thirds (63 percent) have expressed
concerns about the security of their customers’ proprietary data. In
order to better protect themselves, 71 percent are upgrading their
technology once a year or more. As a result, more than half (58 percent)
of local business owners feel prepared for a cybersecurity breach.
</p>
<p>
<b>Los Angeles owners looking forward to a successful year-end</b><br />Los
Angeles small business owners expect to end the year on a high note: 79
percent say it’s likely they will hit their year-end revenue goal. Many
small business owners intend to offer year-end perks to their employees,
including salary bonuses (49 percent), a holiday party (47 percent) or
holiday office closures (47 percent).
</p>
<p>
When it comes to holiday shopping milestones, Black Friday and Cyber
Monday are not top revenue drivers for Los Angeles small business
owners. Fifty-five percent say Black Friday has no impact on their
business’ bottom line (compared to 58 percent a year ago), and 59
percent think Cyber Monday is overhyped and has no significance to their
business’ bottom line (compared to 63 percent in fall 2014).
</p>
<p>
For an in-depth look at the attributes of the nation’s small business
owners, read the full <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Fall_2015.pdf&esheet=51226011&newsitemid=20151117005695&lan=en-US&anchor=fall+2015+Bank+of+America+Small+Business+Owner+Report&index=2&md5=60b334985b35fab337e35cb61987974f" rel="nofollow">fall
2015 Bank of America Small Business Owner Report</a>, and for additional
insights from small business owners in Los Angeles and across the
country, download the Small Business Owner Report local insights
infographic <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FFall_2015_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf&esheet=51226011&newsitemid=20151117005695&lan=en-US&anchor=here&index=3&md5=f7eb7f16fb873e83a3d5eb573ec30fbc" rel="nofollow">here</a>.
</p>
<p>
About the Bank of America Small Business Owner Report<br />Braun
Research, Inc. conducted the Bank of America Small Business Owner Report
survey by phone from August 21 through September 22, 2015, on behalf of
Bank of America. Braun contacted a nationally representative sample of
1,001 small business owners in the United States with annual revenue
between $100,000 and $4,999,999 and employing between 2 and 99
employees. In addition, 300 small business owners were surveyed in each
of nine target markets: Los Angeles, Dallas, Washington, D.C., New York,
Boston, Chicago, San Francisco, Atlanta and Miami. The margin of error
for the national sample is +/- 3.1 percent; the margin of error for the
oversampled markets is +/- 5.7 percent, reported at a 95 percent
confidence level.
</p>
<p>
The Braun Research survey results conducted on behalf and for the
exclusive use of Bank of America and interpretations in this release are
not intended, nor implied, to be a substitute for the professional
advice received from a qualified accountant, attorney or financial
advisor. Always seek the advice of an accountant, attorney or financial
advisor with any questions you may have regarding the decisions you
undertake as a result of reviewing the information contained herein.
Nothing in this report should be construed as either advice or legal
opinion.
</p>
<p>
Bank of America<br />Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,100 ATMs, and award-winning
online banking with 32 million active users and more than 18 million
mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to approximately
3 million small business owners through a suite of innovative,
easy-to-use online products and services. The company serves clients
through operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
</p>
<p>
Visit the Bank of America newsroom for more <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&esheet=51226011&newsitemid=20151117005695&lan=en-US&anchor=Bank+of+America+news&index=4&md5=88c145e569ce1858df856888ecd72873" rel="nofollow">Bank
of America news</a>.
</p>
<p class="bwalignc">
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com&esheet=51226011&newsitemid=20151117005695&lan=en-US&anchor=www.bankofamerica.com&index=5&md5=9f3404acc1aab6390c7d328cff54db0a" rel="nofollow">www.bankofamerica.com</a>
</p>
<p>
</p>
<p><img alt="" src="//cts.businesswire.com/ct/CT?id=bwnews&sty=20151117005695r1&sid=hq1sc1&distro=nx&lang=en" /><span class="bwct31415" /></span></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-contact-html field-fieldpressreleasecontacthtml">
<div class="field-label">Contact: </div>
<div class="field-items">
<div class="field-item odd">
<p> Reporters May Contact:<br />Colleen Haggerty, Bank of America, 1.213.621.7414<br /><a href="mailto:colleen.haggerty@bankofamerica.com">colleen.haggerty@bankofamerica.com</a> </p> <p> </p> </div>
</div>
</div>
<div class="field field-type-newsml-stock field-field-press-release-ticker-slug field-fieldpressreleasetickerslug">
<div class="field-label">Ticker Slug: </div>
<div class="field-items">
<div class="field-item odd">
<div class="clear-block"> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Ticker:</div> <div class="newsml-stock-symbol newsml-stock-field-value">BAC</div> </div> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Exchange:</div> <div class="newsml-stock-market newsml-stock-field-value">NYSE</div> </div></div> </div>
</div>
</div>
<div class="field field-type-link field-field-press-release-sm-profile field-fieldpressreleasesmprofile">
<div class="field-items">
<div class="field-item odd">
<a href="http://www.facebook.com/BankofAmerica">Organization,Facebook,Bank of America on Facebook</a> </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-twit-handle field-fieldpressreleasetwithandle">
<div class="field-items">
<div class="field-item odd">
@BofA_News </div>
</div>
</div>
Small Business BankingBACbankBank of AmericafinanceMerrill Lynchsmall businessTue, 17 Nov 2015 17:00:00 +00006191 at http://newsroom.bankofamerica.comSan Francisco Is Open for Business: Bank of America Survey Finds That Hiring Among Bay Area Entrepreneurs Is on the Risehttp://newsroom.bankofamerica.com/press-releases/small-business-banking/san-francisco-open-business-bank-america-survey-finds-hiring-a
<div class="field field-type-text field-field-press-release-city field-fieldpressreleasecity">
<div class="field-label">Dateline City: </div>
<div class="field-items">
<div class="field-item odd">
SAN FRANCISCO </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-subheadline field-fieldpressreleasesubheadline">
<div class="field-items">
<div class="field-item odd">
<p> Despite Lingering Economic Concerns, Local Entrepreneurs Plan for a Robust 2016 </p>
</div>
</div>
</div>
<p>
Small business owners in the Bay Area are overwhelmingly optimistic,
according to the <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Fall_2015.pdf&esheet=51226013&newsitemid=20151117005713&lan=en-US&anchor=fall+2015+Bank+of+America+Small+Business+Owner+Report&index=1&md5=b19f3bcd8e2f5d5f8ab9922e2ed8e500" rel="nofollow">fall
2015 Bank of America Small Business Owner Report</a>, a semi-annual
study exploring the concerns, aspirations and perspectives of small
business owners in San Francisco and around the country.
</p>
<p>
Sixty-four percent of Bay Area small businesses plan to hire in the
coming year, an increase from 42 percent a year ago. Additionally, 77
percent of area businesses plan to grow their business over the next
five years, a 16 percentage point spike from last year, and 71 percent
are confident their revenue will increase in the coming year, a 17
percentage point jump from a year ago.
</p>
<p>
“Bay Area small business owners are growing in innovative ways,” said
Emily Shanks, West Coast small business regional executive at Bank of
America. “They are continuing to evolve their businesses and are an
exemplary market when it comes to collaborative workplace cultures.”
</p>
<p>
Not surprisingly, this expected growth demands more capital. More than
one-third (37 percent) of San Francisco small business owners plan to
apply for a loan in 2016, a significant increase from 10 percent one
year ago. When asked about how they would use this capital, 62 percent
of business owners said they will use it to invest in new equipment
(compared to 52 percent in fall 2014), and 62 percent will invest in
employee training and development – an impressive 40 percentage point
jump since fall 2014. As a tech startup hub, Bay Area small business
owners are more likely to obtain this funding through alternative
lending sources (35 percent), compared to 32 percent nationally.
</p>
<p>
<b>Economic confidence on the rise, despite lingering concerns</b><br />In
addition to confidence in their businesses, Bay Area small business
owners have increased confidence in the economy: Two-thirds (66 percent)
believe the local economy will improve in the next year, an increase of
10 percentage points from a year ago and the highest since the inception
of the survey in 2012. Fifty-seven percent also predict the national
economy will improve (versus 46 percent a year ago and 36 percent three
years ago). Skepticism remains higher on the performance of the global
economy with 43 percent saying it will improve.
</p>
<p>
When asked about their top concerns, San Francisco small business owners
believe the following factors have the potential to impact their
business over the next 12 months:
</p>
<ul>
<li class="bwlistitemmargb">
The possibility of future interest rate hikes (43 percent).
</li>
<li class="bwlistitemmargb">
The upcoming U.S. presidential election (43 percent).
</li>
<li class="bwlistitemmargb">
The possibility of a rising minimum wage (43 percent).
</li>
<li class="bwlistitemmargb">
Financial crises in countries abroad [i.e., China and Greece] (41
percent).
</li>
</ul>
<p>
<b>Bay Area small business owners embrace workplace 2.0</b><br />The
workplace culture among San Francisco small businesses is collaborative,
tech-friendly and flexible. Most small business owners (91 percent) say
that changing technology has helped their business. In addition, 86
percent of San Francisco small business owners say they are willing to
adopt new technologies, with many having incorporated new technologies
into their business practices over the past five years, including
website optimization (50 percent) and new payment systems (48 percent).
</p>
<p>
Collaboration is key, with half (50 percent) saying their workplace has
become more focused on teamwork in recent years, the highest of all nine
markets surveyed. This collaboration is happening even as employers are
offering employees more flexibility: 54 percent of Bay Area small
business owners give their employees the option to telecommute – a
benefit that more than half (59 percent) say improves employee attitudes
at work.
</p>
<p>
Even though 43 percent of small business owners say that technology has
reduced their need for employees, hiring remains strong, indicating the
nature of the work is changing and they may be hiring employees that
more directly contribute to business growth.
</p>
<p>
Small business owners are beginning to offer nontraditional perks as
well, including areas to relax and unwind, such as nap pods or game
rooms (22 percent), office happy hours (22 percent) or the ability to
bring pets to work (15 percent).
</p>
<p>
<b>Sharing economy, cybersecurity raise concerns</b><br />Small business
owners in San Francisco are split on the sharing economy, an industry in
which businesses organize and profit from the sharing rather than owning
of goods and services – from bikes to Wi-Fi. One-quarter (25 percent)
say it’s a benefit, while the same number say it’s a threat; this is
higher than any other market surveyed.
</p>
<p>
San Francisco small business owners are more likely than their national
counterparts to have been a victim of a cybersecurity breach (20
percent, versus 12 percent nationally). Despite 67 percent upgrading
their technology once a year or more, local business owners are also
less likely to say they feel prepared for such a breach (56 percent,
versus 66 percent nationally).
</p>
<p>
<b>San Francisco entrepreneurs looking forward to a successful year-end</b><br />Bay
Area small business owners expect to end the year on a high note: 82
percent say it is likely they will hit their year-end revenue goal.
Additionally, many small business owners intend to offer year-end perks
to their employees including salary bonuses (53 percent), flexible hours
or vacation time (51 percent) or a holiday party (45 percent).
</p>
<p>
When it comes to holiday milestones, the majority of local business
owners continue to state that Black Friday and Cyber Monday have no
impact on their business’ bottom line, but they are becoming stronger
revenue drivers for some. Forty-five percent of San Francisco small
business owners say Black Friday has an impact on their business’ bottom
line – an 18 percentage point jump from one year ago. Similarly, 43
percent of small business owners reported that Cyber Monday has an
impact on their businesses’ bottom line, compared to 17 percent in fall
2014.
</p>
<p>
For an in-depth look at the attributes of the nation’s small business
owners, read the full <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FSmall_Business_Owner_Report_-_Fall_2015.pdf&esheet=51226013&newsitemid=20151117005713&lan=en-US&anchor=fall+2015+Bank+of+America+Small+Business+Owner+Report&index=2&md5=ce453c6ad80185c663bb172ada34c92d" rel="nofollow">fall
2015 Bank of America Small Business Owner Report</a>, and for additional
insights from small business owners in San Francisco and across the
country, download the Small Business Owner Report local insights
infographic <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Ffiles%2Fpress_kit%2Fadditional%2FFall_2015_Small_Business_Owner_Report_Infographic_-_Local_Findings.pdf&esheet=51226013&newsitemid=20151117005713&lan=en-US&anchor=here&index=3&md5=7a930bcf7ed7b49906b4eea0902ed34e" rel="nofollow">here</a>.
</p>
<p>
About the Bank of America Small Business Owner Report<br />Braun
Research, Inc. conducted the Bank of America Small Business Owner Report
survey by phone from August 21 through September 22, 2015, on behalf of
Bank of America. Braun contacted a nationally representative sample of
1,001 small business owners in the United States with annual revenue
between $100,000 and $4,999,999 and employing between 2 and 99
employees. In addition, 300 small business owners were surveyed in each
of nine target markets: Los Angeles, Dallas, Washington, D.C., New York,
Boston, Chicago, San Francisco, Atlanta and Miami. The margin of error
for the national sample is +/- 3.1 percent; the margin of error for the
oversampled markets is +/- 5.7 percent, reported at a 95 percent
confidence level.
</p>
<p>
The Braun Research survey results conducted on behalf and for the
exclusive use of Bank of America and interpretations in this release are
not intended, nor implied, to be a substitute for the professional
advice received from a qualified accountant, attorney or financial
advisor. Always seek the advice of an accountant, attorney or financial
advisor with any questions you may have regarding the decisions you
undertake as a result of reviewing the information contained herein.
Nothing in this report should be construed as either advice or legal
opinion.
</p>
<p>
Bank of America<br />Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,100 ATMs, and award-winning
online banking with 32 million active users and more than 18 million
mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to approximately
3 million small business owners through a suite of innovative,
easy-to-use online products and services. The company serves clients
through operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
</p>
<p>
Visit the Bank of America newsroom for more <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&esheet=51226013&newsitemid=20151117005713&lan=en-US&anchor=Bank+of+America+news&index=4&md5=4bcea5b748ee3ec2e1129ca49fd409cb" rel="nofollow">Bank
of America news</a>.
</p>
<p class="bwalignc">
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bankofamerica.com&esheet=51226013&newsitemid=20151117005713&lan=en-US&anchor=www.bankofamerica.com&index=5&md5=d1a7dad9eee46763d3600192de69bf7d" rel="nofollow">www.bankofamerica.com</a>
</p>
<p>
</p>
<p><img alt="" src="//cts.businesswire.com/ct/CT?id=bwnews&sty=20151117005713r1&sid=hq1sc1&distro=nx&lang=en" /><span class="bwct31415" /></span></p><div class="field field-type-text field-field-press-release-language field-fieldpressreleaselanguage">
<div class="field-label">Language: </div>
<div class="field-items">
<div class="field-item odd">
English </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-contact-html field-fieldpressreleasecontacthtml">
<div class="field-label">Contact: </div>
<div class="field-items">
<div class="field-item odd">
<p> Reporters May Contact:<br />Colleen Haggerty, Bank of America, 1.213.621.7414<br /><a href="mailto:colleen.haggerty@bankofamerica.com">colleen.haggerty@bankofamerica.com</a> </p> <p> </p> </div>
</div>
</div>
<div class="field field-type-newsml-stock field-field-press-release-ticker-slug field-fieldpressreleasetickerslug">
<div class="field-label">Ticker Slug: </div>
<div class="field-items">
<div class="field-item odd">
<div class="clear-block"> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Ticker:</div> <div class="newsml-stock-symbol newsml-stock-field-value">BAC</div> </div> <div class="newsml-stock-field"> <div class="newsml-stock-field-label">Exchange:</div> <div class="newsml-stock-market newsml-stock-field-value">NYSE</div> </div></div> </div>
</div>
</div>
<div class="field field-type-link field-field-press-release-sm-profile field-fieldpressreleasesmprofile">
<div class="field-items">
<div class="field-item odd">
<a href="http://www.facebook.com/BankofAmerica">Organization,Facebook,Bank of America on Facebook</a> </div>
</div>
</div>
<div class="field field-type-text field-field-press-release-twit-handle field-fieldpressreleasetwithandle">
<div class="field-items">
<div class="field-item odd">
@BofA_News </div>
</div>
</div>
Small Business BankingBACbankBank of AmericafinanceMerrill Lynchsmall businessTue, 17 Nov 2015 17:00:00 +00006192 at http://newsroom.bankofamerica.com